The public company Poste Italiane has announced a takeover bid for TIM S.p.A, formerly Telecom Italia. This move could inspire similar actions in France, where La Poste and Orange, formerly France Télécom, might consider merging. This trend reflects a growing interest in the strategic role of the state and a potential shift in European rules regarding market concentration. In March 2026, Poste Italiane launched a public takeover bid (OPA) for TIM S.p.A, valuing the telecommunications company at around 10.8 billion euros. The goal is to form an integrated group operating in postal services, financial services, telecommunications, and digital services. This move aims to create a more comprehensive service platform, combining distribution, payment methods, insurance, energy, and digital offerings. In France, a similar merger between La Poste and Orange could revive the model of the nationalized Postes Télégraphes et Téléphones (PTT), which existed before 1991. This entity was split into La Poste and France Télécom in the 1990s. While France Télécom was privatized and later became Orange, the French state retains full ownership of La Poste and a significant stake in Orange. Both companies serve millions of customers across the country, with national brands and extensive networks. The idea of creating a French communications giant challenges the long-standing privatization policies of public monopolies. In Italy, Poste Italiane has been building its stake in TIM through acquisitions, aiming to create a unified platform. The company has already integrated some of its services, such as energy and insurance, with TIM’s network. This integration is expected to generate significant financial benefits. However, the financial feasibility of such a merger in France is questionable. While La Poste and Orange have similar revenues, Orange’s valuation is significantly higher, around 44 billion euros. Acquiring a controlling stake would require a large investment, which La Poste may not be able to afford with its current financial position. The French government would need to consider alternative strategies, such as restructuring public assets, to achieve a similar outcome. In Italy, the state maintains a majority stake in Poste Italiane, allowing it to finance the takeover through a mix of cash and shares. In contrast, the French state only holds a minority stake in Orange, limiting its ability to fund a takeover through share issuance. Additionally, legal and regulatory constraints in France would need to be addressed before any major restructuring could take place. The acquisition of TIM by Poste Italiane highlights the return of a strategic state managing essential services. While the possibility of La Poste acquiring Orange remains uncertain, the broader question is whether the state is willing to take on the financial and regulatory risks to ensure national control over critical infrastructure.