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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
(Amendment No. 26)
------------------------------
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)
February 16, 2005
(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 9)
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CUSIP No. 87927W10 13D
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1 NAME OF REPORTING PERSON EDIZIONE HOLDING 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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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ----------------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,017,357,029*
OWNED BY 2,217,357,029**
EACH (See Item 5)
REPORTING ----------------------------------------------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER: 0
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,017,357,029*
2,217,357,029**
(See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,017,357,029*
2,217,357,029**
(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): 18.69%*
20.17%**
(See Item 5)
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14 TYPE OF REPORTING PERSON: CO
* Excluding the 200,000,000 Telecom Italia Shares that are issuable upon
conversion of the 424,130,480 convertible bonds purchased by Olimpia from
JPMorgan, as described in Item 3.
** Including the 200,000,000 Telecom Italia Shares that are issuable upon
conversion of the 424,130,480 convertible bonds purchased by Olimpia from
JPMorgan, as described in Item 3.
(Page 2)
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CUSIP No. 87927W10 13D
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1 NAME OF REPORTING PERSON EDIZIONE FINANCE INTERNATIONAL S.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
-------------------------------------------------------------------------------------------------------------------------------
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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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ---------------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,017,357,029*
OWNED BY 2,217,357,029**
EACH (See Item 5)
REPORTING ---------------------------------------------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER: 0
---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,017,357,029*
2,217,357,029**
(See Item 5)
-------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,017,357,029*
2,217,357,029**
(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 (11): 18.69%*
20.17%**
(See Item 5)
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14 TYPE OF REPORTING PERSON: CO
* Excluding the 200,000,000 Telecom Italia Shares that are issuable upon
conversion of the 424,130,480 convertible bonds purchased by Olimpia from
JPMorgan, as described in Item 3.
** Including the 200,000,000 Telecom Italia Shares that are issuable upon
conversion of the 424,130,480 convertible bonds purchased by Olimpia from
JPMorgan, as described in Item 3.
(Page 3)
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CUSIP No. 87927W10 13D
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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
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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
-------------------------------------------------------------------------------------------------------------------------------
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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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES ---------------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,017,357,029*
OWNED BY 2,217,357,029**
EACH (See Item 5)
REPORTING ---------------------------------------------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER: 0
---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,017,357,029*
2,217,357,029**
(See Item 5)
-------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,017,357,029*
2,217,357,029**
(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 (11): 18.69%*
20.17%**
(See Item 5)
-------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
* Excluding the 200,000,000 Telecom Italia Shares that are issuable upon
conversion of the 424,130,480 convertible bonds purchased by Olimpia from
JPMorgan, as described in Item 3.
** Including the 200,000,000 Telecom Italia Shares that are issuable upon
conversion of the 424,130,480 convertible bonds purchased by Olimpia from
JPMorgan, as described in Item 3.
(Page 4)
This Amendment No. 26 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, the Purchaser, Edizione Holding, UCI, BCI, and, as discussed
in Items 4 and 6 of Amendment No. 10 to the Statement on Schedule 13D, Hopa are
members of a group with respect to the Telecom Italia Shares. 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, UCI, BCI or Hopa has been
provided by the nominating person or by such nominee director or officer.
Item 2. Identity and Background
On January 27, 2005, Olimpia announced that the Olimpia Capital Raising
(as that term is defined in Item 4 of Amendment No. 25 to the Statement on
Schedule 13D) had been fully subscribed. Each of Pirelli & C., Edizione Finance
and Hopa has subscribed for and purchased all of the Olimpia Shares that were
offered to it in connection with the Olimpia Capital Raising. In addition,
Pirelli & C. has subscribed for and purchased all of the Olimpia Shares that
were offered to each of BCI and UCI in connection with the Olimpia Capital
Raising. After giving effect to the issuance of Olimpia Shares to each of
Pirelli & C., Edizione Finance and Hopa, the share capital of Olimpia is held by
Pirelli & C., Edizione Finance, Hopa, BCI and UCI in the following respective
proportions: 57.66%, 16.8%, 16%, 4.77% and 4.77%. A copy of a press release
issued by Olimpia on January 27, 2005 concerning the Olimpia Capital Increase is
filed as Exhibit 59.
Item 3. Source and Amount of Funds or Other Consideration
Reference is made to the Mediobanca Forward Sale Agreement, the Caboto
Forward Sale Agreement and the JPMorgan Forward Sale Agreement (as each of those
terms is defined in Item 4 of Amendment No. 25 to the Statement on Schedule
13D). On February 16, 2005, Olimpia announced that it had purchased: (i)
135,291,206 Telecom Italia Shares from Mediobanca at a price per share of 3.0305
euro pursuant to the Mediobanca Forward Sale Agreement; (ii) 130,300,000 Telecom
Italia Shares from Caboto at a price per share of 3.0549 euro pursuant to the
Caboto Forward Sale Agreement; and (iii) 424,130,480 convertible bonds issued by
Telecom Italia (which are
(Page 5)
convertible into an aggregate of 200,000,000 Telecom Italia Shares) from
JPMorgan at a price per share (on an as converted basis) of 3.1299 euro pursuant
to the JPMorgan Forward Sale Agreement. In each case, Olimpia obtained the
purchase price from capital contributed by its shareholders in connection with
the Olimpia Capital Raising. A press release issued by Olimpia on February 16,
2005 concerning the transactions (and which announces that Olimpia will soon
convert the convertible bonds into Telecom Italia Shares) is filed as Exhibit
60.
Item 4. Purpose of Transaction
On February 16, 2005, Olimpia entered into a forward sale agreement
with Mediobanca (the "February 2005 Mediobanca Forward Sale Agreement") pursuant
to which Olimpia agrees to purchase from Mediobanca certain Telecom Italia
Shares for an aggregate purchase price of 283,000,000 euro. The purchase price
per Telecom Italia Share will be determined by reference to the price paid by
Mediobanca to acquire such Telecom Italia Shares during the term of the February
2005 Mediobanca Forward Sale Agreement (subject to minor adjustments to reflect
transaction costs that may be incurred by Mediobanca), but will not in any event
exceed 3.50 euro. The number of Telecom Italia Shares to be acquired by Olimpia
pursuant to the February 2005 Mediobanca Forward Sale Agreement will be
determined by dividing 283,000,000 euro by the price per Telecom Italia Share
determined in accordance with the previous sentence. If the weighted average
market price of Telecom Italia Shares exceeds 3.50 euros for any seven
consecutive trading days during the term of the February 2005 Mediobanca Forward
Sale Agreement, then either party may convene a meeting with the other party for
the purpose of renegotiating the terms of the purchase and sale of the Telecom
Italia Shares. If the parties are unable to reach an agreement within five
trading days following the date of such meeting, then Mediobanca will be
required to sell to Olimpia only that number of Telecom Italia Shares as
Mediobanca has acquired by such date in contemplation of its obligations under
the February 2005 Mediobanca Forward Sale Agreement. Settlement of the
transactions contemplated by the Mediobanca Forward Sale Agreement will occur on
a date (which is to be determined by Olimpia) between February 28, 2005 and May
31, 2005. A copy of an English translation of the February 2005 Mediobanca
Forward Sale Agreement is filed as Exhibit 61.
Also on February 16, 2005, Olimpia entered into a forward sale
agreement with Caboto (the "February 2005 Caboto Forward Sale Agreement")
pursuant to which Olimpia agrees to purchase from Caboto certain Telecom Italia
Shares for an aggregate purchase price of 283,000,000 euro. The material terms
of the February 2005 Caboto Forward Sale Agreement are identical to those of the
February 2005 Mediobanca Forward Sale Agreement described in the preceding
paragraph. A copy of an English translation of the February 2005 Caboto Forward
Sale Agreement is filed as Exhibit 62.
Item 5. Interest in Securities of the Issuer
The information contained in Item 3 above is incorporated herein by
reference. After giving effect to the acquisition by Olimpia of the 265,591,206
Telecom Italia Shares and the 424,130,480 Telecom Italia convertible bonds
referred to in Item 3,
(Page 6)
Olimpia holds 2,217,357,029 Telecom Italia Shares (including, and assuming the
conversion of, all such convertible bonds), representing approximately 20.17% of
the total number of outstanding Telecom Italia Shares. (Excluding the
200,000,000 Telecom Italia Shares that are issuable upon conversion of the
424,130,480 convertible bonds purchased by Olimpia from JPMorgan referred to in
Item 3, Olimpia holds 2,017,357,029 Telecom Italia Shares, representing
approximately 18.69% of the total number of outstanding Telecom Italia Shares.)
The information contained in Item 4 above concerning the February 2005
Mediobanca Forward Sale Agreement and the February 2005 Caboto Forward Sale
Agreement is incorporated herein by reference.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect
to Securities of the Issuer
The information contained in Item 4 above concerning the February 2005
Mediobanca Forward Sale Agreement and the February 2005 Caboto Forward Sale
Agreement is incorporated herein by reference.
Item 7. Material to be Filed as Exhibits
59. Press release of Olimpia, dated as of January 27, 2005.
60. Press release of Olimpia, dated as of February 16, 2005.
61. Forward Sale Agreement, dated as of February 16, 2005, between Olimpia
and Mediobanca. [English translation]
62. Forward Sale Agreement, dated as of February 16, 2005, between Olimpia
and Caboto. [English translation]
(Page 7)
EXHIBIT INDEX
Exhibit No.
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59. Press release of Olimpia, dated as of January 27, 2005.
60. Press release of Olimpia, dated as of February 16, 2005.
61. Forward Sale Agreement, dated as of February 16, 2005, between Olimpia
and Mediobanca. [English translation]
62. Forward Sale Agreement, dated as of February 16, 2005, between Olimpia
and Caboto. [English translation]
(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: March 1, 2005
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: March 1, 2005
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: March 1, 2005
RAGIONE S.a.p.a DI GILBERTO
BENETTON E C.
By: /s/ Gilberto Benetton
------------------------------
Name: Gilberto Benetton
Title: Chairman
(Page 11)