UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF OCTOBER 2007
TELECOM ITALIA S.p.A.
(Translation of registrant's name into English)
Piazza degli Affari 2
20123 Milan, Italy
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
FORM 20-F [X] FORM 40-F [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
YES [ ] NO [X]
If "Yes" is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): 82- _______
SUMMARY OF AMENDMENTS TO ARTICLES 5, 9 AND 17 OF TELECOM ITALIA’S BYLAWS
Telecom Italia's bylaws have been amended in order to account for new amounts of issued and existing share capital and authorised share capital. The amendments were due to the events described below, up to 24 July 2007.
Specifically article 5 of Telecom Italia’s bylaws has been changed to give effect to :
•
on the one hand, the issuance of new ordinary shares as a result of the conversion of certain “Telecom Italia 1.5% 2001-2010 convertibile con premio al rimborso” convertible bonds,
•
on the other hand, the expiration of all "Piano di Stock Option 2000" stock options, and of certain “Piano di Stock Option Top 2002”, “Piano di Stock Option 2002”, “2000-2002 Stock-Option Plans” and “2002-2003 Stock-Option Plans” stock options. Consequently, no shares servicing such stock options are issuable any longer.
Moreover, Telecom Italia's bylaws have been amended with some minor changes in order to ensure full textual compliance with Consob Regulations for Issuers, as recently amended.
Specifically articles 9 (9.6) and 17 (17.3, 17.5, 17.13) of Telecom Italia’s bylaws have been amended as follows:
•
the shareholding threshold required to submit a list for the appointment of Directors has been reduced from 1% to 0.5%, as per Consob regulations; this change is only for clarification purposes, as the by-laws already referred to the threshold to be established by Consob;
•
certain aspects of the procedure for the election of Statutory Auditors have been modified, as this issue is now fully covered by the Regulations for Issuers by Consob. Specifically, shareholders who present lists are no longer required to publish them at their own expense in at least one nationally-distributed daily newspaper;
•
as regards the appointment of Statutory Auditors to fill vacancies, amendments have been made so that replacement take place in compliance with the principle of required minority representation. Specifically, according to new article 17.13 the minority alternate auditors will take the place of the statutory auditors chosen from the minority slates (this situation arose at the April 16, 2007 Shareholders' Meeting).
The full text of the previous version of Telecom Italia’s bylaws and the full text of the amended version follow.
PREVIOUS VERSION
SHARE CAPITAL – SHARES - BONDS
Article 5
5.1 -
The subscribed and fully paid-up share capital shall be equal to Euro 10,673,776,696.55, divided into 13,380,746,060 ordinary shares with a par value of Euro 0.55 each and 6,026,120,661 savings shares with a par value of Euro 0.55 each.
5.2 -
In resolutions to increase the share capital by issuing shares for cash, the right of pre-emption may be excluded for up to a maximum of ten per cent of the previously existing capital, provided the issue price corresponds to the market value of the shares and this is confirmed in a report prepared by the firm appointed to audit the accounts.
5.3 -
The Shareholders’ Meeting of 26 May 2003, reiterating, updating and, where necessary, renewing earlier resolutions of the Shareholders’ Meeting and the Board of Directors resolved to increase the share capital by up to a maximum of Euro 624,936,779.50 (at 18 April 2007 Euro 125,771,565.15), by means of the issue of up to a maximum of 1,136,248,690 (at 18 April 2007 228,675,573) ordinary shares with a par value of Euro 0.55 each to be reserved irrevocably and exclusively for the conversion of the “Olivetti 1.5% 2001-2010 convertibile con premio al rimborso” (now Prestito “Telecom Italia 1.5% 2001-2010 convertibile con premio al rimborso”) convertible bonds, on the basis of 0.471553 ordinary shares for each bond presented for conversion.
5.4 -
The Shareholders’ Meeting of 26 May 2003 also resolved to increase the share capital by up to a maximum of Euro 183,386,986.75 (at 18 April 2007 Euro 55,307,528.10), by means of the issue of up to a maximum of 333,430,885 (at 18 April 2007 100,559,142) ordinary shares with a par value of Euro 0.55 each, divided into the following outstanding divisible tranches:
1
a tranche of up to a maximum of Euro 37,398,868.65 (at 18 April 2007 Euro 9,712,784.40) for the exercise of the “Piano di Stock Option 2000” stock options, increase to be implemented by 30 July 2008 by means of the issue of up to a maximum of 67,997,943 (at 18 April 2007 17,659,608) shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 13.815 per option held (i.e. at a price of Euro 4.185259 for each newly-issued share);
2
a tranche of up to a maximum of Euro 21,422,652.90 (at 18 April 2007 Euro 16,484,542.80) for the exercise of the “Piano di Stock Option Top 2002” stock options, increase to be implemented by 28 February 2010 by means of the issue of up to a maximum of 38,950,278 (at 18 April 2007 29,971,896) shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 9.203 per option held (i.e. at a price of Euro 2.788052 for each newly-issued share);
3
a tranche of up to a maximum of Euro 50,268,799.90 (at 18 April 2007 Euro 29,110,200.90) for the exercise of the “Piano di Stock Option 2002” stock options, increase to be implemented by 31 March 2008 for the first lot, by 31 March 2009 for the second lot and by 31 March 2010 for the third lot by means of the issue of up to a maximum of 91,397,818 (at 18 April 2007 52,927,638) shares with a par value of Euro 0.55 each, to be subscribed for at a total price for the different options of respectively Euro 9.665, Euro 7.952 and Euro 7.721 per option held (i.e. at a price for the different options of respectively Euro 2.928015 Euro 2.409061 and Euro 2.339080 for each newly-issued share).
5.5 -
The Shareholders’ Meeting of 7 April 2005 resolved to increase the share capital by up to a maximum of Euro 38,655,832.60 (at 18 April 2007 Euro 27,304,720.30), by means of the issue of up to a maximum of 70,283,332 (at 18 April 2007 49,644,946) ordinary shares with a par value of Euro 0.55 each, divided into the following outstanding divisible tranches:
1.
a tranche of up to a maximum of Euro 11,705,656.05 (at 18 April 2007 Euro 9,320,515.05) for the exercise of the “2000-2002 Stock-Option Plans” stock options, increase to be implemented by 31 December 2008 by means of the issue of up to 21,283,011 (at 18 April 2007 16,946,391) Telecom Italia ordinary shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 6.42 per option held (i.e. at a price of Euro 3.710983 for each newly-issued share);
2.
a tranche of up to a maximum of Euro 22,150,920 (at 18 April 2007 Euro 16,380,072.50) for the exercise of the “2002-2003 Stock-Option Plans” stock options, increase to be implemented by 31 December 2008 by means of the issue of up to 40,274,400 (at 18 April 2007 29,781,950) Telecom Italia ordinary shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 5.67 per option held (i.e. at a price of Euro 3.277457 for each newly-issued share);
3.
a tranche of up to a maximum of Euro 3,192,173.05 (at 18 April 2007 Euro 1,604,132.75) for the exercise of the “2003-2005 Stock-Option Plans” stock options, increase to be implemented by 31 December 2008 for the first lot, by 31 December 2009 for the second lot and by 31 December 2010 for the third lot by means of the issue of up to a maximum of 5,803,951 (at 18 April 2007 2,916,605) shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 5.07 per option held (i.e. at a price of Euro 2.930636 for each newly-issued share).
5.6 -
For five years starting from 6 May 2004 the Directors may increase the share capital in one or more tranches by up to a maximum total amount of Euro 880,000,000 by means of cash issues of up to a maximum of 1,600,000,000 ordinary shares, all or part of which:
(i)
to be offered with the right of pre-emption to shareholders and holders of convertible bonds; or
(ii)
to be offered for subscription to employees of Telecom Italia S.p.A. or its subsidiaries, with the exclusion of the right of pre-emption, provided such increase in capital does not exceed 1% of the capital attested at the date of the offering, pursuant to the combined effects of Article 2441, last paragraph, of the Civil Code and Article 134(2) of Legislative Decree 58/1998.
5.7 -
Resolutions to increase the share capital adopted by the Board of Directors in exercising the powers attributed above shall set the subscription price (including any premium) and a time limit for the subscription of the shares; they may also provide, in the event that the increase approved is not fully subscribed within the time limit established for each issue, for the capital to be increased by an amount equal to the subscriptions received up to such time.
5.8 -
The Board of Directors may issue, in one or more tranches and for up to a maximum of five years from 6 May 2004, convertible bonds up to a maximum amount of Euro 880,000,000.
AMENDED VERSION
SHARE CAPITAL – SHARES - BONDS
Article 5
5.1 -
The subscribed and fully paid-up share capital shall be equal to Euro 10,673,778,662.25, divided into 13,380,749,634 ordinary shares with a par value of Euro 0.55 each and 6,026,120,661 savings shares with a par value of Euro 0.55 each.
5.2 -
In resolutions to increase the share capital by issuing shares for cash, the right of pre-emption may be excluded for up to a maximum of ten per cent of the previously existing capital, provided the issue price corresponds to the market value of the shares and this is confirmed in a report prepared by the firm appointed to audit the accounts.
5.3 -
The Shareholders’ Meeting of 26 May 2003, reiterating, updating and, where necessary, renewing earlier resolutions of the Shareholders’ Meeting and the Board of Directors resolved to increase the share capital by up to a maximum of Euro 624,936,779.50 (at 24 July 2007 Euro 125,769,597.80), by means of the issue of up to a maximum of 1,136,248,690 (at 24 July 2007 228,671,996) ordinary shares with a par value of Euro 0.55 each to be reserved irrevocably and exclusively for the conversion of the “Olivetti 1.5% 2001-2010 convertibile con premio al rimborso” (now Prestito “Telecom Italia 1.5% 2001-2010 convertibile con premio al rimborso”) convertible bonds, on the basis of 0.471553 ordinary shares for each bond presented for conversion.
5.4 -
The Shareholders’ Meeting of 26 May 2003 also resolved to increase the share capital by up to a maximum of Euro 183,386,986.75 (at 24 July 2007 Euro 42,838,850.45), by means of the issue of up to a maximum of 333,430,885 (at 24 July 2007 77,888,819) ordinary shares with a par value of Euro 0.55 each, divided into the following outstanding divisible tranches:
1
a tranche of up to a maximum of Euro 21,422,652.90 (at 24 July 2007 Euro 14,305,968.60) for the exercise of the “Piano di Stock Option Top 2002” stock options, increase to be implemented by 28 February 2010 by means of the issue of up to a maximum of 38,950,278 (at 24 July 2007 26,010,852) shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 9.203 per option held (i.e. at a price of Euro 2.788052 for each newly-issued share);
2
a tranche of up to a maximum of Euro 50,268,799.90 (at 24 July 2007 Euro 28,532,881.85) for the exercise of the “Piano di Stock Option 2002” stock options, increase to be implemented by 31 March 2008 for the first lot, by 31 March 2009 for the second lot and by 31 March 2010 for the third lot by means of the issue of up to a maximum of 91,397,818 (at 24 July 2007 51,877,967) shares with a par value of Euro 0.55 each, to be subscribed for at a total price for the different options of respectively Euro 9.665 and Euro 7.952 per option held (i.e. at a price for the different options of respectively Euro 2.928015 and Euro 2.409061 for each newly-issued share).
5.5 -
The Shareholders’ Meeting of 7 April 2005 resolved to increase the share capital by up to a maximum of Euro 38,655,832.60 (at 24 July 2007 Euro 27,150,895.20), by means of the issue of up to a maximum of 70,283,332 (at 24 July 2007 49,365,264) ordinary shares with a par value of Euro 0.55 each, divided into the following outstanding divisible tranches:
1.
a tranche of up to a maximum of Euro 11,705,656.05 (at 24 July 2007 Euro 9,276,112.45) for the exercise of the “2000-2002 Stock-Option Plans” stock options, increase to be implemented by 31 December 2008 by means of the issue of up to 21,283,011 (at 24 July 2007 16,865,659) Telecom Italia ordinary shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 6.42 per option held (i.e. at a price of Euro 3.710983 for each newly-issued share);
2.
a tranche of up to a maximum of Euro 22,150,920 (at 24 July 2007 Euro 16,270,650.00) for the exercise of the “2002-2003 Stock-Option Plans” stock options, increase to be implemented by 31 December 2008 by means of the issue of up to 40,274,400 (at 24 July 2007 29,583,000) Telecom Italia ordinary shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 5.67 per option held (i.e. at a price of Euro 3.277457 for each newly-issued share);
3.
a tranche of up to a maximum of Euro 3,192,173.05 (at 24 July 2007 Euro 1,604,132.75) for the exercise of the “2003-2005 Stock-Option Plans” stock options, increase to be implemented by 31 December 2008 for the first lot, by 31 December 2009 for the second lot and by 31 December 2010 for the third lot by means of the issue of up to a maximum of 5,803,951 (at 24 July 2007 2,916,605) shares with a par value of Euro 0.55 each, to be subscribed for at a total price of Euro 5.07 per option held (i.e. at a price of Euro 2.930636 for each newly-issued share).
5.6 -
For five years starting from 6 May 2004 the Directors may increase the share capital in one or more tranches by up to a maximum total amount of Euro 880,000,000 by means of cash issues of up to a maximum of 1,600,000,000 ordinary shares, all or part of which:
(i)
to be offered with the right of pre-emption to shareholders and holders of convertible bonds; or
(ii)
to be offered for subscription to employees of Telecom Italia S.p.A. or its subsidiaries, with the exclusion of the right of pre-emption, provided such increase in capital does not exceed 1% of the capital attested at the date of the offering, pursuant to the combined effects of Article 2441, last paragraph, of the Civil Code and Article 134(2) of Legislative Decree 58/1998.
5.7 -
Resolutions to increase the share capital adopted by the Board of Directors in exercising the powers attributed above shall set the subscription price (including any premium) and a time limit for the subscription of the shares; they may also provide, in the event that the increase approved is not fully subscribed within the time limit established for each issue, for the capital to be increased by an amount equal to the subscriptions received up to such time.
5.8 -
The Board of Directors may issue, in one or more tranches and for up to a maximum of five years from 6 May 2004, convertible bonds up to a maximum amount of Euro 880,000,000.
Cautionary Statement for Purposes of the "Safe Harbor" Provision of the
United States Private Securities Litigation Reform Act of 1995.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. The Press Release included in this
Form 6-K contains certain forward looking statements and forecasts reflecting
management's current views with respect to certain future events. The ability
of the Telecom Italia Group to achieve its projected results is dependent on
many factors which are outside of management's control. Actual results may
differ materially from those projected or implied in the forward-looking
statements. Such forward-looking information involves risks and uncertainties
that could significantly affect expected results and are based on certain key
assumptions.
The following important factors could cause the Telecom Italia Group's
actual results to differ materially from those projected or implied in any
forward-looking statements:
- the continuing impact of increased competition in a liberalized market,
including competition from global and regional alliances formed by other
telecommunications operators in the core domestic fixed-line and wireless
markets of the Telecom Italia Group;
- the ability of the Telecom Italia Group to introduce new services to
stimulate increased usage to its fixed and wireless networks to offset declines
in its traditional fixed-line business due to the continuing impact of
regulatory required price reductions, market share loss and pricing pressures
generally and shifts in usage pattern;
- the level of demand for telecommunications services, particularly
wireless telecommunication services in the maturing Italian market and for new
higher value added products and services such as broadband;
- the ability of the Telecom Italia Group to successfully implement its
reorganization;
- the success of Telecom Italia's customer loyalty and retention programs
and the impact of such programs on revenues;
- the impact of regulatory decisions and changes in the regulatory
environment, including implementation of recently adopted EU directives in
Italy;
- the impact of economic development generally on the international
business of the Telecom Italia Group and on its foreign investments and capital
expenditures;
- the continuing impact of rapid or "disruptive" changes in technologies;
- the impact of political and economic developments in Italy and other
countries in which the Telecom Italia Group operates;
- the impact of fluctuations in currency exchange and interest rates;
- Telecom Italia's ability to successfully implement its strategy over the
2007-2009 period;
- the ability of the Telecom Italia Group to successfully achieve its debt
reduction targets;
- Telecom Italia's ability to successfully implement its internet and
broadband strategy;
- the ability of the Telecom Italia Group to achieve the expected return on
the significant investments and capital expenditures it has made and continues
to make in Brazil and in Europe on broadband;
- the amount and timing of any future impairment charges for Telecom
Italia's licences, goodwill or other assets; and
- the impact of litigation or decreased mobile communications usage arising
from actual or perceived health risks or other problems relating to mobile
handsets or transmission masts.
The foregoing factors should not construed as exhaustive. Such factors
should also be considered together with risk factors included in Telecom Italia
Group's Annual Report on Form 20-F for 2005. Due to such uncertainties and
risks, readers are cautioned not to place undue reliance on such forward-
looking statements, which speak only as of the date hereof. Accordingly, there
can be no assurance that the Group will achieve its projected results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: October 30th, 2007
TELECOM ITALIA S.p.A.
BY: /s/ Carlo De Gennaro
---------------------------
Carlo De Gennaro
Company Manager