Page 1 of 12
------------------------------
OMB APPROVAL
------------------------------
OMB Number: 3235-0145
Expires: August 31,1999
Estimated average burden
hours per response...... 14.90
------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1) *
Telecom Italia Spa
--------------------------------------------------------------------------------
(Name of Issuer)
Savings Shares
--------------------------------------------------------------------------------
(Title of Class of Securities)
T92778124
--------------------------------------------
(CUSIP Number)
December 31, 2010
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the ACT
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1745 (3-98)
Page 2 of 12
CUSIP No. T92778124
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Brandes Investment Partners, L.P.
I.R.S. Identification Nos. of above persons (entities only).
33-0704072
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power
Shares Bene- ----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each ----------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With: ----------------------------------------------------------
8. Shared Dispositive Power 428,878,468
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
428,878,468
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) |_|
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.12%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IA, PN
--------------------------------------------------------------------------------
Page 3 of 12
CUSIP No. T92778124
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Brandes Investment Partners, Inc.
I.R.S. Identification Nos. of above persons (entities only).
33-0090873
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization California
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power
Shares Bene- ----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each ----------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With: ----------------------------------------------------------
8. Shared Dispositive Power 428,878,468
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
428,878,468 shares are deemed to be
beneficially owned by Brandes Investment
Partners, Inc., as a control person of the
investment adviser. Brandes Investment
Partners, Inc. disclaims any direct ownership
of the shares reported in this Schedule 13G,
except for an amount that is substantially less
than one per cent of the number of shares
reported herein.
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) |_|
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.12%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) CO, OO (Control Person)
--------------------------------------------------------------------------------
Page 4 of 12
CUSIP No. T92778124
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Brandes Worldwide Holdings, L.P.
I.R.S. Identification Nos. of above persons (entities only).
33-0836630
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power
Shares Bene- ----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each ----------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With: ----------------------------------------------------------
8. Shared Dispositive Power 428,878,468
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
428,878,468 shares are deemed to be
beneficially owned by Brandes Worldwide
Holdings, L.P., as a control person of the
investment adviser. Brandes Worldwide
Holdings, L.P. disclaims any direct ownership
of the shares reported in this Schedule 13G.
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) |_|
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.12%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) PN, OO (Control Person)
--------------------------------------------------------------------------------
Page 5 of 12
CUSIP No. T92778124
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Charles H. Brandes
I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization USA
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power
Shares Bene- ----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each ----------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With: ----------------------------------------------------------
8. Shared Dispositive Power 428,878,468
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
428,878,468 shares are deemed to be
beneficially owned by Charles H. Brandes, a
control person of the investment adviser. Mr.
Brandes disclaims any direct ownership of the
shares reported in this Schedule 13G, except
for an amount that is substantially less than
one per cent of the number of shares reported
herein.
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) |_|
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.12%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IN, OO (Control Person)
--------------------------------------------------------------------------------
Page 6 of 12
CUSIP No. T92778124
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Glenn R. Carlson
I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization USA
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power
Shares Bene- ----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each ----------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With: ----------------------------------------------------------
8. Shared Dispositive Power 428,878,468
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
428,878,468 shares are deemed to be
beneficially owned by Glenn R. Carlson, a
control person of the investment adviser. Mr.
Carlson disclaims any direct ownership of the
shares reported in this Schedule 13G, except
for an amount that is substantially less than
one per cent of the number of shares reported
herein.
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) |_|
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.12%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IN, OO (Control Person)
--------------------------------------------------------------------------------
Page 7 of 12
CUSIP No. T92778124
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Jeffrey A. Busby
I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization USA
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power
Shares Bene- ----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each ----------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With: ----------------------------------------------------------
8. Shared Dispositive Power 428,878,468
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
428,878,468 shares are deemed to be
beneficially owned by Jeffrey A. Busby, a
control person of the investment adviser. Mr.
Busby disclaims any direct ownership of the
shares reported in this Schedule 13G, except
for an amount that is substantially less than
one per cent of the number of shares reported
herein.
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) |_|
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.12%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IN, OO (Control Person)
--------------------------------------------------------------------------------
Page 8 of 12
Item 1(a) Name of Issuer:
Telecom Italia SPA
Item 1(b) Address of Issuer's Principal Executive Offices:
Piazza degli Affari 2, 20123 Milan, Italy
Item 2(a) Name of Person Filing:
(i) Brandes Investment Partners, L.P.
(ii) Brandes Investment Partners, Inc.
(iii) Brandes Worldwide Holdings, L.P.
(iv) Charles H. Brandes
(v) Glenn R. Carlson
(vi) Jeffrey A. Busby
Item 2(b) Address of Principal Business office or, if None, Residence:
(i) 11988 El Camino Real, Suite 500, San Diego, CA 92130
(ii) 11988 El Camino Real, Suite 500, San Diego, CA 92130
(iii) 11988 El Camino Real, Suite 500, San Diego, CA 92130
(iv) 11988 El Camino Real, Suite 500, San Diego, CA 92130
(v) 11988 El Camino Real, Suite 500, San Diego, CA 92130
(vi) 11988 El Camino Real, Suite 500, San Diego, CA 92130
Item 2(c) Citizenship
(i) Delaware
(ii) California
(iii) Delaware
(iv) USA
(v) USA
(vi) USA
Page 9 of 12
Item 2(d) Title of Class Securities:
Savings Shares
Item 2(e) CUSIP Number:
T92778124
Item 3. If this statement is filed pursuant to ss.ss. 240.13d-1(b), or
240.13d-2(b) or (c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) |_| Bank as defined in section 3(a)(6) of the Act
(15 U.S.C. 78c).
(c) |_| Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c).
(d) |_| Investment company registered under section 8 of the
Investment Company Act (15 U.S.C. 80a-8).
(e) |_| An investment adviser in accordance with
ss. 240.13d-1(b)(1)(ii)(E).
(f) |_| An employee benefit plan or endowment fund in accordance
with ss. 240.13d-1(b)(ii)(F).
(g) |_| A parent holding company or control person in accordance
with ss. 240.13d-1(b)(1)(ii)(G).
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3).
(j) |X| Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J).
This statement is filed by Brandes Investment Partners, L.P., an
investment adviser registered under the Investment Advisers Act of
1940, its control persons and its holding company. (See, also,
Exhibit A.)
Item 4. Ownership:
(a) Amount Beneficially Owned: 428,878,468
(b) Percent of Class: 7.12%
(c) Number of shares as to which the joint filers have:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the
vote: 0
(iii) sole power to dispose or to direct the
disposition of: 0
(iv) shared power to dispose or to direct the
disposition of: 428,878,468
Page 10 of 12
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class securities, check the
following |_|. N/A
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
N/A
Item 8. Identification and Classification of Members of the Group.
See Exhibit A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certification:
(a) The following certification shall be included if the
statement is filed pursuant to ss. 240.13d-1(b):
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired and held in the ordinary course of business and
were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any
transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: February 14, 2011
BRANDES INVESTMENT PARTNERS, L.P.
By: /s/ Ian Rose
--------------------------------------
Ian Rose as Attorney-In-Fact for
Charles H. Brandes, President of
Brandes Investment Partners, Inc., its
General Partner
Page 11 of 12
BRANDES INVESTMENT PARTNERS, INC.
By: /s/ Ian Rose
-----------------------------------------
Ian Rose as Attorney-In-Fact for
Charles H. Brandes, President
BRANDES WORLDWIDE HOLDINGS, L.P.
By: /s/ Ian Rose
-----------------------------------------
Ian Rose as Attorney-In-Fact for
Charles H. Brandes, President of
Brandes Investment Partners, Inc., its General Partner
By: /s/ Ian Rose
-----------------------------------------
Ian Rose as Attorney-In-Fact for
Charles H. Brandes, Control Person
By: /s/ Ian Rose
-----------------------------------------
Ian Rose as Attorney-In-Fact for
Glenn R. Carlson, Control Person
By: /s/ Ian Rose
-----------------------------------------
Ian Rose as Attorney-In-Fact for
Jeffrey A. Busby, Control Person
Page 12 of 12
EXHIBITS
Exhibit A is incorporated by reference to Exhibit A of Schedule 13G for 3Com
Corporation filed February 14, 2005.
Exhibit B is incorporated by reference to Exhibit B of Schedule 13G for 3Com
Corporation filed February 14, 2005.
Exhibit C is incorporated by reference to Exhibit C of Schedule 13G for 3Com
Corporation filed February 14, 2005.
Exhibit D is incorporated by reference to Exhibit D of Schedule 13G for 3Com
Corporation filed February 14, 2005.