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Poste Italiane Amasses 67% Stake in Telecom Italia

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Poste Italiane Amasses 67% Stake in Telecom Italia

Poste Italiane (PST.MI) secured a 66.6% stake in Telecom Italia (TIT.MI) at the end of the acceptance period of the state-backed postal services company's takeover offer for the telecommunications operator.

The postal company said late Tuesday that 46.523% of Telecom Italia's share capital was tendered during the acceptance period for its takeover, boosting its stake to 66.627%. The takeover offer became effective the same day.

Last week, Poste Italiane raised its offer for Telecom Italia to 11.35 billion euros and waived the condition requiring it to secure at least a 66.67% stake. Payment of the increased consideration will be made on Friday.

An additional acceptance period will run from Sept. 21 through Sept. 25, allowing the remaining Telecom Italia shareholders to tender their shares.

Earlier this year, Poste Italiane launched a takeover offer for Telecom Italia after securing a 20% stake in the latter. The telecommunications operator's board is backing the offer.

Shares in Telecom Italia and Poste Italiane edged higher during early trading in Milan.

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