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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 55)
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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 28, 2007 AND MAY 4, 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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a)[X]
GROUP: (b)[_]
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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 2,407,345,359
POWER: (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,589,458,544
BY REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 19.35%
(11):
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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a)[X]
GROUP: (b)[_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: 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: 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 2,407,345,359
POWER: (See Item 5)
--------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,407,345,359
BY REPORTING PERSON: (See Item 5)
--------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 17.99%
(11): (See Item 5)
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14 TYPE OF REPORTING PERSON: CO
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This Amendment No. 55 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)
("PIRELLI"), and, commencing with Amendment No. 1 thereto, Olimpia S.p.A.
("OLIMPIA"), 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, 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. This Amendment constitutes a separate
filing on Schedule 13D by Pirelli and Olimpia in accordance with Rule
13d-1(k)(2) under the Securities Exchange Act of 1934. Pirelli 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
The information contained in Items 5 and 6 below is incorporated
herein by reference. A copy of the joint press release issued by Pirelli and
Sintonia S.p.A. and Sintonia S.A. (collectively, the "SINTONIA SELLERS")
announcing the transaction is filed as Exhibit 114 and incorporated herein by
reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
On May 4, 2007, Pirelli and the Sintonia Sellers entered into
a Stock Sale Purchase Agreement (the "SHARE PURCHASE AGREEMENT") with
Telefonica S.A., Assicurazioni Generali S.p.A. ("GENERALI"), Sintonia
S.A. (in its capacity as buyer), Intesa Sanpaolo S.p.A. and Mediobanca
S.p.A. ("MEDIOBANCA") (collectively, the "PURCHASERS") for the sale of
100% of the share capital of Olimpia (the "OLIMPIA SHARES").
Information contained in Item 6 below concerning the Share Purchase
Agreement is incorporated herein by reference.
Page 4 of 8
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP WITH RESPECT
TO SECURITIES OF THE ISSUER
The summary of certain material provisions of the Share Purchase
Agreement below does not purport to be a full and complete description of such
document and is entirely qualified by reference to the full text of such
document attached as Exhibit 115, which is incorporated herein by reference.
Pursuant to the Share Purchase Agreement, in consideration for 100%
of the share capital of Olimpia, the Purchasers have agreed to pay a total
amount of euro 2.82 per Telecom Italia share multiplied by 2,407,345,359 Telecom
Italia shares, less Olimpia's total net debt (as defined under the Share
Purchase Agreement) as of the closing date. The provisional purchase price for
100% of Olimpia's share capital is expected to be approximately euro 4.1
billion.
The Share Purchase Agreement provides, among other things, that (i)
the Olimpia Shares will be purchased and sold with the right of the Purchasers
to receive any dividends distributed by Olimpia after the closing of the
transaction, even if accrued prior to the closing and (ii) the completion of the
purchase of the Olimpia Shares is subject to approval and authorizations by
competent authorities. In addition, Pirelli and the Sintonia Sellers have agreed
that between the date of the Share Purchase Agreement and the closing of the
transactions contemplated thereby:
o Pirelli and the Sintonia Sellers will not enter into any agreement
which may affect the title or transferability of the Olimpia Shares;
o the Olimpia by-laws will not be amended;
o Olimpia will not issue any shares, pay any dividends or otherwise
carry out any extraordinary corporate transaction; and
o Olimpia will, in general, conduct its business in the ordinary
course and consistently with past practice.
The Share Purchase Agreement provides that, upon the closing of the
transaction, (i) Olimpia, Pirelli, the Sintonia Sellers and the relevant
Purchasers shall terminate all existing shareholders' agreements concerning
Olimpia and Telecom Italia, including the "Shareholders Agreement" (as defined
in the Schedule 13D filed on August 9, 2001) and the shareholders' agreement
dated as of October 18, 2006, entered into between Pirelli, Edizione Holding,
Olimpia, Generali and Mediobanca, and (ii) three directors of Telecom Italia
designated by Pirelli will resign from the Board.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
114. Press Release, dated as of April 28, 2007, issued by Pirelli &
C. S.p.A., Sintonia S.p.A. and Sintonia S.A.
Page 5 of 8
115. Stock Sale Purchase Agreement, dated as of April 28, 2007, by
and among Pirelli & C. S.p.A., Sintonia S.p.A., Sintonia S.A., as Sellers, and
Telefonica S.A., Assicurazioni Generali S.p.A., Sintonia S.A., Intesa Sanpaolo
S.p.A. and Mediobanca S.p.A., as Purchasers.
Page 6 of 8
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: May 8, 2007
PIRELLI & C. S.p.A.
By: /s/ Anna Chiara Svelto
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Name: Anna Chiara Svelto
Title: Attorney-in-fact
OLIMPIA S.p.A.
By: /s/ Luciano Gobbi
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Name: Luciano Gobbi
Title: Director and Attorney-in-fact
Page 7 of 8
EXHIBIT INDEX
Exhibit No.
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114. Press Release, dated as of April 28, 2007, issued by Pirelli & C. S.p.A.,
Sintonia S.p.A. and Sintonia S.A.
115. Stock Sale Purchase Agreement, dated as of April 28, 2007, by and among
Pirelli & C. S.p.A., Sintonia S.p.A., Sintonia S.A., as Sellers, and
Telefonica S.A., Assicurazioni Generali S.p.A., Sintonia S.A., Intesa
Sanpaolo S.p.A. and Mediobanca S.p.A., as Purchasers.
Page 8 of 8