================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 50)
------------------------------
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)
MARCH 15, 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 5 Pages)
------------------------------------------------------------- ---------------------------------------------------------
CUSIP No. 87927W10 13D Page 2 of 5
------------------------------------------------------------- ---------------------------------------------------------
------------------------ --------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON PIRELLI & C. S.p.A.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Not Applicable
------------------------ --------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
------------------------ --------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------ --------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: BK, 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: 182,113,185
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- --------------------------------------------------------------------------------
8 SHARED VOTING POWER: 2,407,345,359
(See Item 5)
------------------- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 182,113,185
------------------- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
------------------------ --------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,589,458,544
------------------------ --------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
------------------------ --------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.35%
------------------------ --------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------ --------------------------------------------------------------------------------------------------------
Page 2 of 5 pages
------------------------------------------------------------- ---------------------------------------------------------
CUSIP No. 87927W10 13D Page 3 of 5
------------------------------------------------------------- ---------------------------------------------------------
------------------------ --------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON OLIMPIA S.p.A.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Not Applicable
------------------------ -------------------------------------------------------------------------------- -----------------------
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
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- --------------------------------------------------------------------------------
8 SHARED VOTING POWER: 2,407,345,359
(See Item 5)
------------------- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
------------------------ --------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,407,345,359
(See Item 5)
------------------------ --------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
------------------------ --------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 17.99%
(See Item 5)
------------------------ --------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------------------ --------------------------------------------------------------------------------------------------------
Page 3 of 5 pages
This Amendment No. 50 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 March 12, 2007, Pirelli & C. issued a press release about
its financial results for 2006, which, among other things, contained the
following statement: "With regard to the holding in Olimpia, the Board of
Directors [of Pirelli & C.] then gave a mandate to the Chairman to explore all
possible options, without excluding sale of the holding, in order to bring out
the best strategic value of the asset in the interest of all shareholders."
Page 4 of 5 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: March 15, 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 5 pages