Poste Bids €10.8 Billion for Full Control of Telecom Italia

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000An entrance to the headquarters of Telecom Italia SpA in Rozzano, Italy.Poste Italiane SpA made a €10.8 billion ($12.5 billion) offer to buy full control of Telecom Italia SpA, in a deal that would return the former phone monopoly to government ownership three decades after its privatization. The cash-and-stock bid values Telecom Italia at about €0.635 a share, a 9% premium to Telecom Italia’s closing price on Friday, Poste said late Sunday in announcing the offer. The state-controlled postal service is already Telecom Italia’s biggest owner with a 27% stake in the ordinary shares.