Kepler expects Poste to raise TIM offer by at least 10%

Telecom Italia SpA

14/04/2026 12:24

** Kepler Cheuvreux raises its price target for Telecom Italia TLIT.MI by 19.4% to 0.80 euros, saying it expects Poste Italiane PST.MI to raise its takeover offer by at least another 10% despite its assurances to the contrary

** State-owned Poste Italiane made a 10.8 billion euro ($12.7 billion) cash-and-share offer on late March, valuing TIM shares at 0.635 euros each

** Shares in TIM have gained 9% since then and are trading slightly above the bid price

** Kepler says the synergies expected from the takeover appear significant and are not fully reflected in the terms of the proposal

** Commenting on Poste's intention to reach 100% control, the broker notes that TIM's governance structure provides minorities with a strong influence in the event of a contested merger

** "In our view, reaching effective control will require a higher price," Kepler says

** The deal is expected to be completed by the end of 2026

($1 = 0.8477 euros)

(Reporting by Anna Uras, Mirko Miorelli)

((Anna.Uras@thomsonreuters.com))