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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 51)
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TELECOM ITALIA S.P.A.
(Name of Issuer)
ORDINARY SHARES OF EURO 0.55 PAR VALUE EACH 87927W10
(Title of class of securities) (CUSIP number)
ALEXANDER ROSENZWEIG, ESQ.
VICE PRESIDENT AND CHIEF LEGAL OFFICER
PIRELLI NORTH AMERICA, INC.
75 FIFTH STREET,
SUITE 320-321
ATLANTA, GEORGIA 30308
(404) 920-0744
WITH A COPY TO:
ELLEN J. ODONER, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
(Name, address and telephone number of person authorized
to receive notices and communications)
APRIL 1, 2007
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_].
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
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CUSIP No. 87927W10 13D Page 2 of 8
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1 NAME OF REPORTING PERSON PIRELLI & C. S.p.A.
I.R.S. IDENTIFICATION NO. Not Applicable
OF ABOVE PERSON
----------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)[X]
(b)[_]
----------------- -------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS: BK, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Italy
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7 SOLE VOTING POWER: 182,113,185
NUMBER OF
SHARES ----------------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,407,345,359
OWNED BY (See Item 5)
EACH ----------------- ------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER: 182,113,185
PERSON WITH
----------------- ------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,589,458,544
REPORTING PERSON:
----------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAI
SHARES: [_]
----------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.35%
----------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
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CUSIP No. 87927W10 13D Page 3 of 8
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1 NAME OF REPORTING PERSON OLIMPIA S.p.A.
I.R.S. IDENTIFICATION NO. Not Applicable
OF ABOVE PERSON
----------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)[X]
(b)[_]
----------------- -------------------------------------------------------------
3 SEC USE ONLY
----------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: WC
----------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
----------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Italy
----------------- -------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES ----------------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,407,345,359
OWNED BY (See Item 5)
EACH ----------------- ------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER: 0
PERSON WITH
----------------- ------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
----------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,407,345,359
REPORTING PERSON: (See Item 5)
----------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAI
SHARES: [_]
----------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 17.99%
(See Item 5)
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14 TYPE OF REPORTING PERSON: CO
----------------- -------------------------------------------------------------
This Amendment No. 51 amends the Statement on Schedule 13D, dated
August 9, 2001, as amended (as previously amended, the "Statement on Schedule
13D"), filed by Pirelli S.p.A. (which, as reported in Amendment No. 21 to the
Statement on Schedule 13D, subsequently merged with and into Pirelli & C.
S.p.A., a company incorporated under the laws of the Republic of Italy), and,
commencing with Amendment No. 1 thereto, Olimpia S.p.A., a company incorporated
under the laws of the Republic of Italy, with respect to the ordinary shares,
euro 0.55 par value per share, of Telecom Italia S.p.A., a company incorporated
under the laws of the Republic of Italy. Capitalized terms used in this
Amendment without definition have the meanings ascribed to them in the Statement
on Schedule 13D.
Pirelli & C., Olimpia, Sintonia S.p.A. (which, it publicly announced
on March 9, 2007, has replaced Edizione Holding in various shareholders
agreements relating to Olimpia) and Sintonia S.A. (which, according to Sintonia
S.p.A.'s public announcement, is the new name of Edizione Finance) are members
of a group with respect to the Telecom Italia Shares. (By virtue of the 2006
Shareholders Agreement described in Amendment No. 45 to the Statement on
Schedule 13D, Assicurazioni Generali S.p.A. and Mediobanca S.p.A. may also be
deemed to be members of that group.) This Amendment constitutes a separate
filing on Schedule 13D by Pirelli & C. and Olimpia in accordance with Rule
13d-1(k)(2) under the Securities Exchange Act of 1934. Pirelli & C. and Olimpia
are responsible solely for the information contained in their separate filing,
except that information contained in the Statement on Schedule 13D concerning
any director or officer of Olimpia nominated by Sintonia S.p.A., its predecessor
Edizione Holding or Sintonia S.A. has been provided by the nominating person or
by such nominee director or officer.
ITEM 4. PURPOSE OF TRANSACTION
----------------------
On April 1, 2007, Pirelli & C issued a press release announcing,
among other things, that it has entered into exclusive negotiations with AT&T
Inc. and America Movil S.A. for the sale of a participation equal to one-third
of the share capital of Olimpia to each of the two companies. A copy of the
press release is attached as Exhibit 110.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
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The information contained Item 4 and the press release attached as
Exhibit 110 is incorporated herein by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
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110. Press Release, dated as of April 1, 2007, issued by Pirelli & C.
Page 4 of 8 pages
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: April 2, 2007
PIRELLI & C. S.p.A.
By: /s/ Anna Chiara Svelto
-----------------------------------
Name: Anna Chiara Svelto
Title: Attorney-in-fact
OLIMPIA S.p.A.
By: /s/ Luciano Gobbi
-----------------------------------
Name: Luciano Gobbi
Title: Director and Attorney-in-fact
Page 5 of 8 pages
EXHIBIT 110
EXHIBIT INDEX
Exhibit No.
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110. Press Release, dated as of April 1, 2007, issued by Pirelli & C.
Page 6 of 8 pages
Exhibit 110
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[Pirelli Logo]
PRESS RELEASE
MEETING OF THE BOARD OF DIRECTORS OF PIRELLI & C.
SPA:
PIRELLI: RECEIVED PROPOSALS FROM AT&T AND AMERICA
MOVIL FOR THE PURCHASE OF ONE THIRD EACH OF THE
CAPITAL OF OLIMPIA
MANDATE TO THE CHAIRMAN TO PROCEED WITH
NEGOTIATIONS
TELECOM ITALIA SHARES HELD BY OLIMPIA VALUED AT 2.82
EUROS PER SHARE
RIGHT OF FIRST REFUSAL FOR MEDIOBANCA AND GENERALI:
EXECUTION OF THE TRANSACTION IS SUBJECT TO WAIVER
PIRELLI AND SINTONIA HAVE A PUT OPTION ON REMAINING
STAKE
EXCLUSIVE NEGOTIATIONS UNTIL 30 APRIL
Milan, 1 April 2007 - The Board of Directors of Pirelli & C. S.p.A. met today,
due to receipt by the Company of two proposals for the purchase of two stakes in
the capital of Olimpia, from U.S.-based telecommunications company AT&T and
Mexican mobile phone operator America Movil.
The proposals are for the acquisition, by each of the two companies, of a
participation equal to one third of the share capital of Olimpia.
The Board of Directors of Pirelli & C. evaluated the proposals favorably, giving
a mandate to the Chairman to proceed in the negotiations of the relative
agreements in the best interest of the Company and of all its shareholders and
to ask for the Board's approval of the definitive terms of the transaction.
The valuation of the stakes in Olimpia which are the object of the possible sale
would be based on a price per Telecom Italia share equal to 2.82 euros, minus
the net debt of Olimpia on the closing date of the transaction, subject to the
satisfaction of the terms of the proposal.
The right of first refusal on the Olimpia shares is recognized to Mediobanca and
Generali, pursuant to the shareholders' agreement dated 18 October 2006. The
execution of the transaction is therefore subject to the lack of exercise of
such right of first refusal. Should the right be exercised, an indemnification
equal to 16 million euros will be payable to each of AT&T and America Movil.
Page 7 of 8 pages
In the case the transaction is brought to conclusion, the share capital of
Olimpia will be equally subdivided into three quotas among AT&T, America Movil
(in conjunction with Telefonos de Mexico S.A.B) and the current shareholders,
Pirelli & C. and Sintonia. The proposal foresees that, at the outcome of the
acquisition, no shareholders' agreement be stipulated among AT&T and America
Movil and Pirelli / Sintonia, whose rights will be regulated exclusively by the
by-laws of the company.
AT&T and America Movil have also expressed their availability to grant to
Pirelli and Sintonia a put option on the participation in Olimpia remaining in
their possession and on the Telecom Italia shares they own directly (1.36% of
ordinary capital for Pirelli, 0.22% for Sintonia), which may be exercised after
a year from the acquisition, at the same price recognized at the time of
purchase of the original stakes.
The proposals have a duration up to 30 April 2007 and, unless otherwise agreed,
they will expire if within that date the relevant purchase agreements have not
been executed. Until that date, Pirelli will be bound by an exclusivity
obligation in favor of AT&T and America Movil.
The transaction will be subject to certain conditions, among which the favorable
completion of the due diligence, the execution of contractual agreements for the
transfer of the shares, obtaining of authorizations from competent authorities,
and approval by the respective boards of directors of AT&T, America Movil and
Pirelli.
***
Pirelli Press Office: +39 02 85354270 - pressoffice@pirelli.com
Pirelli Investor Relations: +39 02 64422949 - ir@pirelli.com
www.pirelli.com
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Page 8 of 8 pages