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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
(Amendment No. 33)
------------------------------
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)
Dott. Gianni Mion
Edizione Holding S.p.A.
Calmaggiore 23
31100 Treviso
Italy
(+39) 0422-5995
With a copy to:
Michael S. Immordino, Esq.
Latham & Watkins
99 Bishopsgate
London EC2M 3XF
England
(+44) 207-710-1076
(Name, address and telephone number of person authorized
to receive notices and communications)
October 4, 2006 and October 18, 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)
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CUSIP No. 87927W10 13D
---------------------------------------------------------- ----------------------------------------------------
---------------------- -------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON EDIZIONE HOLDING 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
---------------------- -------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 30,084,650
SHARES -------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER: 2,407,345,359
BENEFICIALLY (See Item 5)
OWNED BY -------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 30,084,650
EACH
REPORTING -------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,407,345,359
PERSON WITH (See Item 5)
---------------------- -------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,437,430,009
---------------------- -------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- -------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 18.22%
(See Item 5)
---------------------- ----------------------------------------------------- -------------------------------------------
14 TYPE OF REPORTING PERSON: CO
(Page 2)
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CUSIP No. 87927W10 13D
--------------------------------------------------------- -----------------------------------------------------
----------------------- ------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON EDIZIONE FINANCE INTERNATIONAL S.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
----------------------- ------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,407,345,359
OWNED BY (See Item 5)
------------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
----------------- ------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,407,345,359
----------------------- ------------------------------------------------------------- ----------------------------------
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)
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CUSIP No. 87927W10 13D
----------------------------------------------------------- --------------------------------------------------
------------------------ -----------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON RAGIONE S.a.p.a. DI GILBERTO BENETTON E C.
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
------------------------ -----------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 30,084,650
SHARES
-----------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,407,345,359
OWNED BY (See Item 5)
-----------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 30,084,650
REPORTING
-----------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,407,345,359
(See Item 5)
------------------------ -----------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,437,430,009
------------------------ -----------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------------------ -----------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 18.22%
(See Item 5)
------------------------ -----------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
(Page 4)
This Amendment No. 33 amends the Statement on Schedule 13D dated August
9, 2001, as amended (as previously amended, the "Statement on Schedule 13D")
filed by Edizione Holding S.p.A., a company incorporated under the laws of the
Republic of Italy ("Edizione Holding"), Edizione Finance International S.A., a
company incorporated in the Duchy of Luxembourg ("Edizione Finance"), and
Ragione S.a.p.a. di Gilberto Benetton e C., a partnership organized under the
laws of the Republic of Italy ("Ragione") (Edizione Holding, Edizione Finance
and Ragione, are collectively referred to herein as the "Edizione Reporting
Persons") 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.
This Amendment is being filed by each of the Edizione Reporting
Persons. Pirelli, Olimpia, Edizione Finance and Edizione Holding are members of
a group with respect to the Telecom Italia Shares. By virtue of the 2006
Shareholders Agreement described below, Assicurazione Generali S.p.A. and
Mediobanca S.p.A. may also be deemed to be members of such group. The Edizione
Reporting Persons are making a separate filing on Schedule 13D in accordance
with Rule 13d-1(k)(2) under the Securities Exchange Act of 1934 and are solely
responsible for the information contained in this filing, except that
information contained in the Statement on Schedule 13D concerning any director
or officer of the Purchaser nominated by Pirelli has been provided by the
nominating person or by such nominee director or officer.
Item 2. Identity and Background
On October 4, 2006, both Mr. Corrado Passera and Mr. Alessandro Profumo
resigned as directors of Olimpia. Mr. Passera and Mr. Profumo had been appointed
to the board of directors of Olimpia by BCI and UCI. With the resignation of the
two directors, the board of directors of Olimpia presently has seven directors,
two of whom were appointed by Edizione Holding and five of whom were appointed
by Pirelli.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer
(a) Olimpa has Entered into a New Shareholders' Agreement
On October 18, 2006, each of Pirelli, Edizione Holding, Edizione
Finance, Olimpia, Assicurazioni Generali S.p.A. ("Generali") and Mediobanca
S.p.A. ("Mediobanca") entered into an agreement (the "2006 Shareholders
Agreement") relating to, among other things, certain Telecom Italia Shares held
by each of Olimpia, Generali and Mediobanca (collectively, the "Affected
Parties") comprising, in aggregate, 23.2% of the total number of issued and
outstanding Telecom Italia Shares. An English translation of the 2006
Shareholders Agreement is filed as Exhibit 81.
The 2006 Shareholders Agreement applies to (i) all of the Telecom
Italia Shares held by Olimpia, (ii) certain Telecom Italia Shares held by
Generali (comprising 3.67% of the total number of issued and outstanding Telecom
Italia Shares) and (iii) certain Telecom Italia Shares held by Mediobanca
(comprising 1.54% of the total number of issued and outstanding Telecom Italia
Shares). The Telecom Italia Shares that are subject to the 2006 Shareholders
Agreement are referred to below as "Affected Shares."
(Page 5)
The parties to the 2006 Shareholders Agreement agree to form a board of
representatives (the "Shareholders Board"), which has certain decision-making
functions under the agreement. Each of Generali and Mediobanca, and any
additional party that is admitted to the agreement in the future, will have the
right to appoint one member to the Shareholders Board, and Olimpia will have the
right to appoint a number of members equal to the aggregate of the number of all
other members of the Shareholders Board. Olimpia will also have the right to
appoint the chairman of the Shareholders Board. The Shareholders Board will meet
prior to each shareholders meeting of Telecom Italia to discuss all matters that
are scheduled to be voted upon by the holders of Telecom Italia Shares at such
shareholders meeting. If the members of the Shareholders Board unanimously agree
on how the Affected Shares shall be voted in relation to a particular matter,
then each of the Affected Parties will be required to vote all of its Affected
Shares in that manner. If the members of the Shareholders Board do not
unanimously agree as to how the Affected Shares shall be voted, then the
Affected Parties will be free to vote the Affected Shares held by them at their
own discretion.
During the term of the 2006 Shareholders Agreement, each of the
Affected Parties is prohibited from transferring more than 20% of the number of
Affected Shares that it owns as of the date of the agreement (whether directly,
or through derivative or other arrangements that have the effect of transferring
the economic risks or benefits associated with the ownership of such shares).
Each of Mediobanca and Generali may acquire additional Telecom Italia
Shares, provided that such party does not at any time hold an aggregate number
of Telecom Italia Shares that exceeds by more than 25% the number of Affected
Shares held by such party as of the date of execution of the 2006 Shareholders
Agreement. Any Telecom Italia Shares so acquired by Mediobanca or Generali will
be deemed Affected Shares.
No party to the 2006 Shareholders Agreement may purchase any Telecom
Italia Shares without first notifying the Shareholders Board and the other
parties to the agreement. Also, each party must promptly notify the Shareholders
Board and each other party in the event that it transfers any Telecom Italia
Shares.
Under the 2006 Shareholders Agreement, each of Generali and Mediobanca
has certain rights of first refusal that are triggered in the event that Olimpia
proposes to transfer all (but not less than all) of its Telecom Italia Shares to
any third party. However, such rights of first refusal will not arise if the
applicable third party acquiror also offers to acquire the Telecom Italia Shares
held by Generali and/or Mediobanca on the same terms and conditions that it
proposes to acquire the Telecom Italia Shares held by Olimpia. Generali and
Mediobanca also have rights of first refusal that are triggered in the event
that Pirelli (whether acting alone or together with Edizione Finance or Edizione
Holding) proposes to transfer more than 50% of the issued and outstanding shares
of Olimpia to a third party.
Olimpia is required to promptly consult with each of Generali and
Mediobanca if (i) any third party makes an offer to become a shareholder of
Olimpia by making a capital contribution thereto in the form of Telecom Italia
Shares and (ii) such capital contribution would result in Olimpia's aggregate
holding of Telecom Italia Shares being in excess of a certain threshold
prescribed under applicable Italian law so as to require Olimpia to make a
mandatory tender offer for Telecom Italia Shares. In that event, Generali and
Mediobanca will have the option to either (i) become shareholders of Olimpia by
contributing their respective Telecom Italia Shares thereto on
(Page 6)
the same terms and conditions proposed by the third party or (ii) reduce their
respective holdings of Telecom Italia Shares by such amount as may be necessary
to ensure that Olimpia is not required under applicable Italian law to make a
tender offer for Telecom Italia Shares. If Generali and Mediobanca do not
(within such reasonable time as Olimpia may stipulate) commit to take those
actions set forth in either of clauses (i) and (ii) in the immediately preceding
sentence, then Olimpia may accept the offer of the third party and terminate the
Shareholders Agreement.
The 2006 Shareholders Agreement has an initial term of three years, and
shall automatically be renewed for successive periods of three years unless any
party delivers a notice of termination to each other party at least three months
prior to the expiration of the then-current term.
The 2006 Shareholders Agreement provides that holders of 0.5% or more
of the total number of issued and outstanding Telecom Italia Shares may be
admitted as additional parties to the agreement from time to time with the
unanimous consent of the existing parties thereto.
Pirelli, Edizione Holding, Edizione Finance, Generali and Mediobanca
issued a joint press release concerning the Shareholders Agreement on October
18, 2006, a copy of which is filed as Exhibit 82.
(b) Pirelli's Purchase of BCI and UCI's Equity Interests in Olimpia
On October 4, 2006, Pirelli purchased all of BCI and UCI's respective
4.77% equity stakes in Olimpia, in each case for a purchase price of
approximately (euro)585,000,000. After giving effect to those transactions,
Pirelli holds 80% of the total share capital of Olimpia. The remaining 20% of
Olimpia's share capital is held by Edizione Finance and Edizione Holding.
Item 7. Material to be Filed as Exhibits
81. Shareholders Agreement, dated as of October 18, 2006, by and among
Pirelli, Edizione Holding, Edizione Finance, Olimpia, Generali and
Mediobanca (English translation).
82. Joint Press Release, dated as of October 18, 2006, issued by Pirelli,
Edizione Holding, Edizione Finance, Olimpia, Generali and Mediobanca.
(Page 7)
EXHIBIT INDEX
Exhibit No.
81. Shareholders Agreement, dated as of October 18, 2006, by and among
Pirelli, Edizione Holding, Edizione Finance, Olimpia, Generali and
Mediobanca (English translation).
82. Joint Press Release, dated as of October 18, 2006, issued by Pirelli,
Edizione Holding, Edizione Finance, Olimpia, Generali and Mediobanca.
(Page 8)
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: November 7, 2006
EDIZIONE HOLDING S.p.A.
By: /s/ Gianni Mion
-----------------------------------
Name: Gianni Mion
Title: Chief Executive Officer
(Page 9)
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: November 7, 2006
EDIZIONE FINANCE INTERNATIONAL S.A.
By: /s/ Gustave Stoffel
-----------------------------------
Name: Gustave Stoffel
Title: Director
(Page 10)
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: November 7, 2006
RAGIONE S.a.p.a DI GILBERTO
BENETTON E C.
By: /s/ Gilberto Benetton
-----------------------------------
Name: Gilberto Benetton
Title: Chairman
(Page 11)