Poste Italiane became TIM S.A.’s indirect controlling Shareholder after its combined Telecom Italia position reached approximately 66.627% of the target’s share capital. The change matters to TIMB investors because control of Telecom Italia, which controls TIM Brasil, has shifted indirectly to Poste Italiane, while the offer acceptance period reopens through September 25.

Key Highlights

  • Poste Italiane’s combined Telecom Italia interest, including shares tendered to the offer, reached approximately 66.627%.
  • Consideration for shares accepted during the initial period was settled on September 18.
  • The offer acceptance window is due to reopen from September 21 through September 25.

TIM S.A. (NYSE: TIMB) is a wireless telecommunications company. Poste Italiane became the indirect controlling shareholder of TIM Brasil after its combined interest in Telecom Italia S.p.A. Reached approximately 66.627% of Telecom Italia’s share capital.

Poste Italiane Takes Indirect Control

The percentage includes Telecom Italia shares held before the offer and those submitted during the initial acceptance period. Poste Italiane’s announcements on September 15 described the result of the voluntary public tender and exchange offer for Telecom Italia ordinary shares. Settlement for the consideration tied to shares accepted during that initial period took place on September 18. TIM S.A. said the control Acquisition made Poste Italiane the indirect controller of TIM Brasil.

Offer Window Reopens September 21

The acceptance period for the Telecom Italia offer will reopen from September 21 through September 25 under the applicable regulations. TIM S.A. said it will keep shareholders and the broader market informed about material developments connected with the matter. The company identified Vicente de Moraes Ferreira as its Investor relations Officer, while Alberto Mario Griselli signed on behalf of TIM S.A. as Chief Executive Officer.