Poste Italiane launches €10.8 billion bid for Telecom Italia
Poste Italiane has launched a voluntary public offer valued at approximately €10.8 billion ($12.5 billion) to acquire full control of Telecom Italia, aiming to surpass a 50% ownership stake. The cash-and-stock bid, which values Telecom Italia at about €0.635 per share, represents a 9% premium over the company's closing price prior to the announcement. Poste, already the largest shareholder with a 27% stake, seeks to return the telecommunications company to government ownership three decades after its privatization.
Musk unveils chip factories for AI in Austin
Elon Musk announced plans for Tesla and SpaceX to construct advanced chip factories in Austin, Texas, as part of the Terafab project aimed at addressing semiconductor shortages for artificial intelligence and robotics applications. The facility will be capable of producing chips with a computing power capacity of 100 to 200 gigawatts per year on Earth and a terawatt in space. Musk did not provide a timeline for the project's completion.
ECB Prepared to Act Against Rising Inflation Risks
Luis de Guindos, Vice President of the European Central Bank, stated that while the bank cannot prevent inflation from rising due to higher energy prices, it must be prepared to act if rapid price growth threatens to become entrenched. He emphasized the importance of monitoring underlying inflation and price expectations, particularly in light of projections indicating inflation could rise to 2.6% under favorable conditions. The ECB, which has maintained its interest rates unchanged recently, is ready to tighten policy if necessary to mitigate potential second-round inflation effects.
