Milan (Reuters) – Italiane post is in talks with Vivendi to buy part of his participation in Telecom Italia (TIM), according to sources close to the file, an operation which would do the conglomerate supported by the Italian State the main investor of the telephone group.

Last week, the French group Vivendi reduced its participation in TIM to 18.4%, selling a participation of 5%, in accordance with its strategic decision to disengage from the Italian telecommunications operator.

Italiane post, which in February became the second TIM investor with a participation of 9.8%, plans to further increase his shares in the operator to take control, Reuters reported in February.

POST ITALIANE is considering a participation of around 10% in TIM to complete its current participation, said the sources that refused to be appointed due to the sensitivity of the case.

Italiane post should however remain below the 25% threshold which triggers a compulsory buyout offer. This means that Italiane Post could take a maximum of 15% of the ordinary share capital of TIM.

According to sources, discussions were underway on the conditions of a potential agreement, for a signature before the annual general meeting of TIM scheduled for the end of June.

Vivendi, who seeks to obtain a premium on the sale, could also choose to initially keep a residual participation in a figure, two of the sources said.

Italiane and Vivendi post have refused to comment.

The Italian daily Il Sole 24 Ore brought back earlier in the day that Italiane and Vivendi post discussed a possible participation.

At current market prices, a 10% participation in TIM is equivalent to around 480 million euros.

Federico Frenni, Italian Treasury Minister, said at the start of the week that Italiane Post would be an appropriate partner for Tim.

(Report Elvira Pollina, Etienne Breban, edited by Kate Entringer)

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