The consequences of a game of Risiko: a moment of pride

Poste Italiane is set to conclude its takeover bid for TIM with a ‘major controlling stake’. The bid, thanks in part to a 30-cent increase in the offer price, has secured 66.6 per cent acceptance and, with the reopening of the offer period (21–25 September), aims to acquire 90 per cent of the telecoms operator. This target will streamline the integration process and pave the way for the creation of a large, diversified group spanning everything from postal current accounts to telecommunications, and from savings to technology services. While Poste’s CEO, Matteo Del Fante, highlighted the success of the offer from a financial perspective, explaining that investors had “recognised its scope and strategy” and understood that it no longer made sense to remain shareholders in a company that does not pay dividends, the Director-General, Giuseppe Lasco, emphasised the industrial significance of the project. “It is a historic operation for the country, unimaginable until a few years ago.” And indeed, the expectation is that Poste-Tim will become a major group capable of leading the country’s digital transition and enhancing its international competitiveness in the face of looming challenges such as those relating to artificial intelligence.

In short, yesterday was a moment of pride, marking the successful completion of the public takeover bid on the market and the new prospects that may arise from the merger of the two companies, including in terms of employment, thereby dispelling fears of job losses. “Even though AI will be used to optimise resources,” Lasco pointed out, “we will buck the trend, ensuring a state-of-the-art infrastructure whilst continuing to implement active labour market policies and creating new jobs, just as we have always done over the past nine years. We take pride in this,” he concluded, “because we will be providing a future for them and for the next generations.” This also marks the start of a new phase for the telecommunications market, which is moving towards consolidation across Europe. Italy will be the first country to have a national leader with an integrated business model.