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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 54)
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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 19, 2007 AND APRIL 27, 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)
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CUSIP No. 87927W10 13D Page 2 of 5
------------------------------------ ----------------------------------
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1 NAME OF REPORTING PERSON PIRELLI & C. S.p.A.
I.R.S. IDENTIFICATION NO. Not Applicable
OF ABOVE PERSON
--------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a)[X]
GROUP: (b)[_]
--------------- -------------------------------------------------------------
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)
--------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED 2,589,458,544
BY REPORTING PERSON:
--------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
--------------- -------------------------------------------------------------
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 5
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1 NAME OF REPORTING PERSON OLIMPIA S.p.A.
I.R.S. IDENTIFICATION NO. Not Applicable
OF ABOVE PERSON
--------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a)[X]
GROUP: (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 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: [_]
--------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 17.99%
(11): (See Item 5)
--------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
--------------- -------------------------------------------------------------
This Amendment No. 54 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. 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 5. INTEREST IN SECURITIES OF THE ISSUER
On April 19, 2007, Pirelli Finance (Luxembourg) S.A. ("PFL") entered
into two separate share forward agreements with Banca Caboto S.p.A. and Intesa
Sanpaolo S.p.A., respectively, under similar terms and conditions, whereby PFL
agreed to sell and immediately repurchase an aggregate number of 134,957,885
Telecom Italia Shares on April 19, 2007 (the "effective date"). Under each share
forward agreement, Banca Caboto S.p.A. and Intesa Sanpaolo S.p.A. assume the
risk of any increases in the price of the notional number of Telecom Italia
Shares covered by the agreements between the effective date of each transaction
and the valuation date of July 24, 2007, subject to any early termination.
Reference is made to the equity swap transaction between Olimpia and
UniCredit Banca Mobiliare S.p.A. ("UBM") described in item 5 of Amendment No. 7
to the Statement on Schedule 13D. On April 27, 2007, the parties settled the
transaction in cash at an average price of Euro 2.3578 per Telecom Italia Share
without the physical delivery of securities.
Page 4 of 5
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
--------------------------------
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 5 of 5