Poste Italiane secures 66.6% of Telecom Italia at end of offer period

MILAN, Sept 11 (Reuters) - Poste Italiane has secured a 66.6% stake in Telecom Italia's (TIM) share capital, Reuters calculations based on stock exchange data showed on Friday, at the end of the main phase of the state-backed group's takeover offer.

Poste, which had previously built a 20% stake in TIM, this week increased the cash component of its offer by 18% to €1.97 per share, while confirming an exchange ratio of 0.218 newly issued Poste shares for each TIM share tendered.

The bid was worth around €13 billion at Friday's closing prices.

Borsa Italiana, the Italian bourse, said the take-up in the buyout offer for the former Italian phone monopoly reached 58.2% of shares targeted by the bid.

This week Poste also waived the 66.67% acceptance threshold it had initially set as a condition for the bid to proceed. It said the offer period would reopen from September 21 to September 25.

(Reporting by Elvira Pollina; writing by Francesca Landini, editing by Gavin Jones)