Poste Raises Stake in Telecom Italia to Become Biggest Holder
Summary
(Bloomberg) -- Italys state-run postal service raised its stake in Telecom Italia SpA to almost 25%, overtaking Vivendi SE as the phone carriers biggest investor and ending the French media conglomerates decade-long tenure at the Italian company.Poste Italiane, which has owned about 10% of Telecom Italia, purchased an additional holding of 15% from Vivendi for 684 million ($684 million), or 0.2975 per share, according to a statement on Saturday. The deal allows Poste to stay below a threshold that would trigger a mandatory takeover offer under Italian regulations. Telecom Italia has recently emerged as a possible target as it slashed debt following the up to 22 billion sale of its landline network to KKR & Co. last year.Prime Minister Giorgia Meloni last month backed a stake swap that allowed Poste to take over a 9.8% holding in Telecom Italia from state lender Cassa Depositi e Prestiti SpA. CDP, in turn, received Postes 3.8% stake in payments specialist Nexi SpA.Since coming to power in 2022, Melonis right-wing government has kept a close eye on companies it considers national champions. Thats translated into efforts to ward off foreign purchases of Italian assets, whether by rounding up local investors or resorting to the golden power provision, which allows the state to block takeovers of strategic assets in some cases.In addition to its traditional businesses of running Italys mail service and offering savings accounts, Poste has diversified into energy, insurance and telecommunications.