Iliad makes an offer to buy 100% of Vodafone-Italia for c.€11-11.5bn. These mobile activities with a solid 35% EBITDA margin could help Iliad conquer a significant market share on the fixed side by financing its launch and ramp-up. But Vodafone may not be very eager to sell these assets, so this offer won’t be enough to tilt the balance. These takeover proposals show, however, that telcos are undervalued while they are still considered primarily as dividend stocks.