{"text":[[{"start":13.19,"text":"Poste Italiane’s chief executive has defended the former postal monopoly’s €10.8bn bid for Telecom Italia after criticism that the deal would return the business to a state-backed national champion. "}],[{"start":29.18,"text":"Poste last month offered to buy the telecoms group in a cash-and-share deal, having already amassed a 27.5 per cent stake that made it the largest shareholder. "}],[{"start":42.71,"text":"Matteo Del Fante said Poste would be a good owner of Telecom Italia (TIM), which was privatised in 1997 and whose shares have more than doubled over the past year. "}],[{"start":55.14,"text":"“Since we acquired the TIM stake the company outperformed . . . we are confident we deserve the same trust now that we have launched the takeover offer,” he said in an interview. "}],[{"start":65.77,"text":"Poste’s bid has drawn criticism from some analysts and industry experts, who argue it amounts to a step back towards state control of large enterprises, years after both the post and telecoms groups were privatised."}],[{"start":82.41,"text":"“We have demonstrated that we are a market company,” said Del Fante. "}],[{"start":87.84,"text":"A tie-up between the two groups would leave Rome with a diluted stake of just over 50 per cent in the combined entity."}],[{"start":97.69,"text":"“This deal would increase the group’s free float as the state’s stake in the merged entity falls from 65 per cent to 50 per cent and new shares are issued to TIM investors,” said Del Fante. “In that sense, it is a move towards the market.” "}],[{"start":115.58,"text":"Since Telecom Italia’s privatisation, it has burned through chief executives as its equity value slumped under the weight of a vast debt pile. To reduce that debt burden, in 2022 it carved out its fixed-line network and sold it to KKR in a €22bn deal. "}],[{"start":135.02,"text":"Its share price fell from €8 at its peak in 2000 to €0.25 at the beginning of 2025 before Poste began building its stake. "}],[{"start":145.86,"text":"Poste Italiane, meanwhile, has been on an upward trajectory since it was partially privatised in 2015, with Rome retaining a 65 per cent stake. Its share price has tripled to €21 over the past decade. "}],[{"start":162.71,"text":"During his nine-year tenure, Del Fante focused on transforming Poste from a postal business into a technology and services group. "}],[{"start":172.19,"text":"Poste already owns Poste Mobile, a mobile business with about 5mn customers, which would be folded into the TIM brand after the deal. The combined group would overtake Vodafone-Fastweb as Italy’s largest operator after their merger. "}],[{"start":190.92,"text":"Under the offer TIM shareholders would receive €0.167 in cash plus 0.0218 newly issued Poste shares for each TIM share tendered. "}],[{"start":205.5,"text":"While some analysts have said Poste may have to sweeten its bid to win over TIM investors, Del Fante said his company’s offer — representing a 9 per cent premium to the pre-bid share price — was a good deal for shareholders. "}],[{"start":221.1,"text":"“The offer is fair, we plan to start paying a dividend, something TIM shareholders have not received for five years,” Del Fante said. "}],[{"start":232.15,"text":"Poste said it had paid €9bn in dividends over the past nine years and that it expected these to continue at a similar level. TIM shareholders would get a 2 per cent payment shortly after completion, followed by 4 per cent in 2027, rising to about 8 per cent in 2028, Del Fante said. "}],[{"start":254.3,"text":"“If you own TIM today and accept the offer, you continue to share in the upside . . . The point is not just the value we offer upfront, but the chance to benefit from future synergies and a stronger growth trajectory under Poste,” he said. "}],[{"start":270.89,"text":"Del Fante expects the deal to close by September. The combined group would become Italy’s largest employer, with more than 150,000 staff."}],[{"start":281.18,"text":"“Poste has historically been a consumer business, TIM is stronger with corporate clients and public administration. That would broaden our customer base and strengthen our technological offering,” said Del Fante."}],[{"start":305.34000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776081141_2080.mp3"}