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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 41)
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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 20 THROUGH MAY 22, 2006
(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 GROUP: (a) [X]
(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
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- --------------------------------------------------------------------------------
8 SHARED VOTING POWER: 2,407,345,359
(See Item 5)
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9 SOLE DISPOSITIVE POWER: 182,113,185
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10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,589,458,544
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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 (11): 19.35%
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14 TYPE OF REPORTING PERSON: CO
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Page 2 of 8 pages
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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 GROUP: (a) [X]
(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
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- --------------------------------------------------------------------------------
8 SHARED VOTING POWER: 2,407,345,359
(See Item 5)
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9 SOLE DISPOSITIVE POWER: 0
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10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,407,345,359
(See Item 5)
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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 (11): 17.99%
(See Item 5)
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14 TYPE OF REPORTING PERSON: CO
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Page 3 of 8 pages
This Amendment No. 41 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, Edizione Holding and Edizione Finance, UCI and
BCI are members of a group with respect to the Telecom Italia Shares. 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 Edizione Holding and Edizione Finance, UCI or BCI has been provided
by the nominating person or by such nominee director or officer.
ITEM 2. IDENTITY AND BACKGROUND
On May 5, 2006, Mr. Carlo De Benedetti resigned from his position as a
director of Pirelli & C.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
On April 20, 2006, Pirelli Finance (Luxembourg) S.A. ("PFL"), a
wholly-owned subsidiary of Pirelli & C., sold a total of 134,957,885 Telecom
Italia Shares on the Milan Stock Exchange at an average price per share of
approximately euro 2.42.
On May 9, 2006, PFL and Banca Caboto S.p.A. ("Caboto") executed a
forward share sale agreement (the "Share Forward Agreement"), effective as of
April 20, 2006, pursuant to which Caboto agreed to sell to PFL, and PFL agreed
to purchase from Caboto, 134,957,885 Telecom Italia Shares on April 24, 2007 at
a price per share of euro 2.367832 (subject to adjustment to account for any
dividends paid on the shares prior to the settlement date). During the period
between July 12, 2006 and the date that is the seventh Milan Stock Exchange
trading day preceding April 24, 2007, PFL may elect to accelerate the settlement
date for any or all of the Telecom Italia Shares which are subject to the Share
Forward Agreement, in which case PFL will receive delivery of the agreed number
of Telecom Italia Shares on such earlier date against a price determined by
Caboto (as "calculation agent" under the agreement) which is to be based upon
certain factors set forth in the Share Forward Agreement. A copy of the Share
Forward Agreement is filed as Exhibit 96.
After giving effect to (i) PFL's disposition of 134,957,885 Telecom
Italia Shares described in the first paragraph of this Item 5 and (ii) the Share
Forward Agreement (and, in particular, to PFL's right thereunder to accelerate
the settlement date for any or all of the 134,957,885 Telecom Italia Shares
Page 4 of 8 pages
subject to the agreement), the number of Telecom Italia Shares that Pirelli & C.
may be deemed to beneficially own remains the same as the number reported in
Amendment No. 40 to this Statement on Schedule on 13D.
Information as to certain transactions involving Telecom Italia Shares
by directors of Pirelli & C. and Olimpia is set forth on Schedule 1.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Reference is made to the Hopa Agreement (as that term is defined in
Item 6 of Amendment No. 17 to the Statement on Schedule 13D) and to the
information relating thereto which was reported in Amendment No. 39 to the
Statement on Schedule 13D. On April 27, 2006, Pirelli & C., Edizione Finance and
Edizione Holding issued a joint press release in connection with the withdrawal
by those parties (and of UCI and BCI) from the Hopa Agreement. A copy of the
joint press release is filed as Exhibit 97. Subsequently, on May 22. 2006,
Pirelli & C., Edizione Finance and Edizione Holding issued a joint press release
which announced that such parties had informed Hopa of their intention to
purchase all of Hopa's 16% stake in Olimpia for cash at a price to be determined
according to a formula set forth in the Hopa Agreement. Under this arrangement,
on or before July 12, 2006, Pirelli & C. will acquire 80% of Hopa's holding of
Olimpia Shares (equal to 12.8% of the total number of issued and outstanding
Olimpia Shares) and Edizione Finance will acquire the remaining 20% of Hopa's
holding of Olimpia Shares (equal to 3.2% of the total number of issued and
outstanding Olimpia Shares). A copy of the joint press release is filed as
Exhibit 98.
The information set forth in Item 5 regarding the Share Forward
Agreement is incorporated herein by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
96. Forward Sale Agreement, dated as of May 9, 2006, between PFL and
Caboto.
97. Joint Press Release, dated as of April 27, 2006, issued by Pirelli &
C., Edizione Finance and Edizione Holding.
98. Joint Press Release, dated as of May 22, 2006, issued by Pirelli & C.,
Edizione Finance and Edizione Holding.
Page 5 of 8 pages
EXHIBIT INDEX
Exhibit No.
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96. Forward Sale Agreement, dated as of May 9, 2006, between PFL
and Caboto.
97. Joint Press Release, dated as of April 27, 2006, issued by
Pirelli & C., Edizione Finance and Edizione Holding.
98. Joint Press Release, dated as of May 22, 2006, issued by
Pirelli & C., Edizione Finance and Edizione Holding.
Page 6 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: May 26, 2006
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
-------------------------------------
Name: Luciano Gobbi
Title: Director and Attorney-in-fact
Page 7 of 8 pages
SCHEDULE I
The following tables describes, to the knowledge of the Pirelli & C. and
Olimpia, all transactions involving Telecom Italia Shares that were effected by
each of the directors and executive officers of Pirelli & C. and Olimpia since
September 1, 2005. The information concerning such transactions has been
provided by the relevant individuals.
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TRANSACTION NUMBER OF PRICE PER WHERE AND HOW TRANSACTION
NAME DATE SECURITIES SECURITY(2) EFFECTED
------------------------- ---------------- --------------- ----------------- -------------------------------
Gianni Mion 9/09/05 20,945 2.575 Italian Stock Exchange
(purchase)
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Marco Tronchetti Provera 9/19/05 2,000,000 2.58 Italian Stock Exchange
(purchase)
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Carlo De Benedetti* 2/02/06 2,000,000 2.29 Italian Stock Exchange (sale)
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Carlo De Benedetti* 3/07/06 200,000 2.41 Italian Stock Exchange
(purchase)
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Carlo De Benedetti* 3/09/06 1,200,000 2.388 Italian Stock Exchange (sale)
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In addition, the following call option transactions involving Telecom Italia
Shares were effected by Romed International S.A., a company controlled by Mr. De
Benedetti, a director of Pirelli & C. until May 5, 2006:
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NUMBER OF
TRANSACTION NATURE OF OPTION EXERCISE UNDERLYING EXERCISE/MATURITY
DATE TRANSACTION PRICE SECURITIES DATE PRICE
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1/24/06 Call Option 2.0 500,000 March, 2006 0.03
(Purchase)
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1/12/06 Call Option 2.5 500,000 March, 2006 0.1130
(Sale)
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(2) Prices are denominated in Euros, and exclude commissions and fees.
* This transaction was effected by Romed International S.A., a company
controlled by Mr. De Benedetti.
Page 8 of 8 pages