Poste Italiane stock falls as improved TIM offer weighs on Milan market

Poste Italiane stock (ISIN IT0003796171) closed at EUR 25.66 on Borsa Italiana on September 9, 2026, down 2.77 percent on the day as investors reacted to an improved takeover offer for Telecom Italia and a weak Milan equity market backdrop.

Improved TIM offer changes risk-reward

According to Test Achats on September 9, 2026, Poste Italiane has raised its voluntary public tender and exchange offer for Telecom Italia by adding EUR 0.30 in cash to the consideration for each TIM share, increasing the cash component from EUR 1.67 to EUR 1.97 while keeping the share component at 0.218 Poste Italiane shares per TIM share tendered.

The same analysis highlights that the offer is no longer conditional on Poste Italiane acquiring at least 66.67 percent of TIM’s capital, meaning the bid will proceed regardless of the acceptance level, a structural shift that removes a key execution risk for the transaction.Test Achats Test Achats notes that the current offer period runs until September 11, 2026, with a planned reopening window between September 21 and September 25, 2026, giving shareholders additional time to decide whether to tender their TIM shares.Test Achats

Stock reaction and Milan market context

Italy’s blue-chip FTSE MIB index closed at 51,875 points on September 9, 2026, down 0.58 percent, reflecting a broader risk-off tone in Milan that compounded the impact of company-specific news on several stocks.BlastingNews In this environment, Poste Italiane shares fell 2.77 percent to EUR 25.66, while Telecom Italia dropped 2.17 percent, with both moves linked to profit-taking after prior gains and to the revised takeover terms.

According to BlastingNews, the Milan market on September 9, 2026 was pressured particularly in defense and luxury stocks after a Goldman Sachs report raised doubts about future demand for armaments, contributing to declines of 4.0 percent for Leonardo, 3.61 percent for Fincantieri and 2.44 percent for Avio, while Poste Italiane and TIM were also among the notable losers as investors reassessed risk and locked in recent profits.

Offer terms and valuation implications

The sweetened offer for Telecom Italia, with the cash component increased by EUR 0.30 per share and the acceptance condition removed, implies a higher immediate outlay for Poste Italiane and potentially greater certainty that the deal will go ahead, shifting the balance between strategic opportunity and financial risk.

From a valuation perspective, the combined cash payment of EUR 1.97 and share consideration of 0.218 Poste Italiane shares per TIM share means TIM investors receive more upfront cash while still participating in Poste Italiane’s equity, and the improved terms explain why both stocks are trading actively around the September 11, 2026 offer deadline.

Price level and market data

At the close on Borsa Italiana on September 9, 2026, Poste Italiane stock stood at EUR 25.66, with the 2.77 percent decline on the day leaving the shares below the EUR 26.00 level referenced in the offer analysis, a range that investors watch closely as they gauge the attractiveness of using Poste Italiane shares as part of the Telecom Italia consideration.Test Achats On September 10, 2026, Italian news agency ANSA reported that Poste Italiane was among the laggards in early Milan trading, showing a loss of 1.17 percent as the FTSE MIB index gained around 0.5 percent, indicating that investor caution around the TIM transaction continued into the next session.ANSA

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