State-backed financial conglomerate Poste Italiane is set to convene a board meeting over the weekend to discuss a potential investment in Telecom Italia (TIM), according to three sources familiar with the matter. The plan under review involves Poste acquiring the 9.8% stake in TIM currently held by state lender Cassa Depositi e Prestiti (CDP).
Poste provides phone services through its subsidiary, Poste Mobile. As part of the arrangement, CDP is anticipated to trade its TIM shares to Poste in exchange for Poste's 3.78% stake in the Italian payments group Nexi, as per the sources. All parties involved have declined to provide comments on the matter.