MILAN, Italy-Telecom Italia detailed its offer to buy the 44 percent of Telecom Italia Mobile that it doesn’t already own for up to $28.1 billion. The boards of directors of the two companies have approved the integration plan.
The reorganization is necessary to gain benefits from business efficiencies and consistencies, the Italian companies said.
The companies will launch the offer, which includes Telecom Italia offering $7.43 a share for two-thirds of the outstanding TIM stock or its own stock for the TIM shares, in January. The offer will close by end-January, and if the offer is successfully completed, the merger should be finalized in the second half of 2005.
TIM holds significant assets in the Latin American mobile market and is the largest wireless carrier in Europe.
