Business
Italy’s Postal Service Makes $12.50 Billion Bid for Telecom Italia
Italy’s state-controlled postal service Poste Italiane PST -7.58%decrease; red down pointing triangle has made a $12.50 billion cash-and-stock bid for Telecom Italia TIT 4.89%increase; green up pointing triangle, a move that could bring its operations and infrastructure back under government ownership.
Poste Italiane said Sunday that it was offering a combination of cash and shares for a consideration of 10.8 billion euros, equivalent to $12.50 billion, with Telecom Italia shareholders set to receive 0.167 euros in cash and 0.0218 newly issued Poste Italiane shares for each share held.
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