================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
(Amendment No. 39)
------------------------------
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)
MR. STEFANO CAO
SINTONIA S.A.
1, PLACE D'ARMES
L1136 - LUXEMBOURG
(+352) 26266250
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)
DECEMBER 22, 2009
(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)
-------------------------- -----------------------------------
CUSIP No. 87927W10 13D
-------------------------- -----------------------------------
----------------- ------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON SINTONIA S.A. (FORMERLY KNOWN AS EDIZIONE
I.R.S. IDENTIFICATION NO. FINANCE INTERNATIONAL S.A.)
OF ABOVE PERSON Not Applicable
----------------- ------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |X|
(b) |_|
----------------- ------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------- ------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, BK
----------------- ------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
----------------- ------------------------------------------------------------------------------------ -----------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Luxembourg
----------------- ------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 275,115,716
NUMBER OF ------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER: 0
BENEFICIALLY (See Item 5)
OWNED BY ------------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 275,115,716
REPORTING ------------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
(See Item 5)
----------------- ------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 275,115,716
----------------- ------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: |_|
----------------- ------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.06%
(See Item 5)
----------------- ------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
2
-------------------------- -----------------------------------
CUSIP No. 87927W10 13D
-------------------------- -----------------------------------
----------------- ------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON EDIZIONE S.R.L. (FORMERLY KNOWN
I.R.S. IDENTIFICATION NO. AS RAGIONES.a.p.a. DI GILBERTO
OF ABOVE PERSON BENETTON E C.)
Not Applicable
----------------- ------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |X|
(b) |_|
----------------- ------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------- ------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, BK
----------------- ------------------------------------------------------------------------------------------------
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: 275,115,716
NUMBER OF ------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER: 0
BENEFICIALLY (See Item 5)
OWNED BY ------------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 275,115,716
REPORTING ------------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
(See Item 5)
----------------- ------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 275,115,716
----------------- ------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: |_|
----------------- ------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.06%
(See Item 5)
----------------- ------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
3
This Amendment No. 39 (this "AMENDMENT") amends the Statement on
Schedule 13D dated August 9, 2001 (as previously amended, the "SCHEDULE 13D")
originally filed by Edizione Holding S.p.A. (merged into Edizione S.r.l.,
effective January 1, 2009), Edizione Finance International S.A. (subsequently
renamed Sintonia S.A. ("SI")), a company incorporated in the Duchy of
Luxembourg, and Ragione S.a.p.a. di Gilberto Benetton e C., which (effective
January 1, 2009, after the merger of Edizione Holding S.p.A.) changed its name
to Edizione S.r.l., a limited liability company incorporated under the laws of
the Republic of Italy ("EDIZIONE") with respect to the ordinary shares, euro
0.55 par value per share ("TELECOM SHARES"), of Telecom Italia S.p.A., a company
incorporated under the laws of the Republic of Italy ("TELECOM ITALIA").
Capitalized terms used in this Amendment without definition have the meanings
ascribed to them in the Schedule 13D.
This Amendment is being filed by each of Edizione and SI. Edizione is
the controlling shareholder of SI, holding 79.08% of SI's shares. This is the
final amendment to the Schedule 13D and an exit filing for the Reporting
Persons.
INTRODUCTION.
On April 28, 2007, a group of investors (the "INVESTORS") made up of
Intesa Sanpaolo, Assicurazioni Generali S.p.A. ("AG" and, together with the AG
group companies (Alleanza Toro S.p.A., formerly known as Alleanza Assicurazioni
S.p.A., INA Assitalia S.p.A., Generali Lebensversicherung AG, formerly known as
Volksfursorge Deutsche Lebenversicherung AG, and Generali Vie S.A.) that became
investors on October 25, 2007 pursuant to the October 25th Amendment (as defined
below), together "GENERALI"), SI, Mediobanca S.p.A. ("MEDIOBANCA") and
Telefonica S.A., the Spanish- based telecommunications operator ("TELEFONICA"),
entered into a co-investment agreement (as subsequently amended by an amendment
agreement on October 25, 2007 (the "OCTOBER 25TH AMENDMENT"), the "CO-
INVESTMENT AGREEMENT"). The Co-Investment Agreement established the terms and
conditions for their participation in Centotrenta 4/6 S.r.l., an Italian company
with registered office at Galleria del Corso 2, Milan, Italy, fiscal code n.
05277610969 subsequently transformed into an Italian joint stock company and
renamed as Telco S.p.A. ("TELCO"), an Italian corporation. On November 15, 2007,
the registered office of Telco was transferred to Via Filodrammatici 3, Milan,
Italy.
Through Telco, the Investors purchased the entire share capital of
Olimpia S.p.A. ("OLIMPIA"), which in turn held at that time 2,407,345,359
Telecom Shares or approximately 18% of the ordinary share capital, of Telecom
Italia, from Pirelli & C. S.p.A. ("PIRELLI") and Sintonia S.p.A. and SI. The
closing of the purchase of the entire share capital of Olimpia, divided into
4,630,233,510 ordinary shares (the "OLIMPIA SHARES") pursuant to the Share
Purchase Agreement occurred on October 25, 2007, following the receipt of the
announcement of forthcoming governmental approvals from the Brazilian
telecommunications authority on October 23, 2007 (the "ANNOUNCEMENT"), an
unofficial English translation of which was previously filed on Schedule 13D as
Exhibit 94.
In addition to Telco's participation in Telecom Italia's ordinary share
capital through its interest in Olimpia, on October 25, 2007 pursuant to the
Co-Investment Agreement, Generali and Mediobanca contributed to Telco the
Telecom Shares they held on that date. These shares amounted to 5.6% of Telecom
Italia's ordinary share capital, with the individual contributions of
4
Generali and Mediobanca amounting to 4.06% and 1.54%, respectively, of Telecom
Italia's ordinary share capital, and brought Telco's direct and indirect
participation in Telecom Italia's ordinary share capital to approximately 23.6%.
Copies of the Co-Investment Agreement and the October 25th Amendment were
previously filed on Schedule 13D as Exhibits 85 and 92, respectively.
Olimpia was subsequently merged into Telco, resulting in Olimpia's
shareholding in Telecom Shares being held directly by Telco.
In March 2008, Telco acquired 121,530,000 Telecom Shares, representing
0.91% of Telecom Italia's share capital. As a result, Telco's holding in Telecom
Italia increased from 23.6% to 24.5% equal to 3,278,702,623 Telecom Shares.
On October 28, 2009, SI requested, pursuant to Article 11(b) of the
Shareholders Agreement (previously filed on Schedule 13D as Exhibit 87), the
non- proportional de-merger of Telco, with the assignment to SI of its pro rata
share of the assets and liabilities of Telco (including 275,115,716 Telecom
Shares held by Telco representing approximately 2.06% of Telecom Italia's share
capital (the "SI TELECOM SHARES")). The joint press release with respect to
these events, dated October 28, 2009, and issued by the Investors is filed as
Exhibit 101 hereto.
The terms of SI's exit were approved on November 26, 2009, when an
extraordinary general meeting of the Telco shareholders unanimously approved a
proposal of the Telco board of directors to permit SI to exit Telco in a single
transaction consisting of two parts (the "SI EXIT TRANSACTION"). The Telco press
release describing the SI Exit Transaction, dated November 26, 2009, is filed as
Exhibit 102 hereto.
The SI Exit Transaction was concluded on December 22, 2009 when Telco
and SI executed a Purchase and Sale Agreement (the "SI EXIT AGREEMENT"),
pursuant to which: (i) SI acquired the SI Telecom Shares from Telco for
consideration of euro 605,254,575.20 (equal to a price of euro 2.20 for each SI
Telecom Share) (the "SI TELECOM SHARE TRANSFER"), and (ii) Telco voluntarily
reduced its share capital by acquiring and cancelling SI's Telco shares (equal
to 162,752,995 class A shares, constituting 8.39% of Telco's share capital) for
consideration of euro 293,461,160.95 (equal to a price of euro 1.80 for each
Telco share) which is equal to the pro rata net asset value of SI's interest in
Telco as of December 15, 2009 (the "TELCO SHARE CAPITAL REDUCTION").
Because cash consideration was payable under the SI Exit Agreement by
both Telco and SI, pursuant to the SI Exit Agreement only a single net cash
payment was made by SI to Telco of euro 311,793,414.25 (equal to the cash
consideration due from SI to Telco of euro 605,254,575.20 in respect of the SI
Telecom Share Transfer minus the cash consideration due from Telco to SI of euro
293,461,160.95 in respect of the Telco Share Capital Reduction). An unofficial
translation of the SI Exit Agreement is filed as Exhibit 103 hereto and the
related Telco press release, dated December 22, 2009, is filed as Exhibit 104
hereto.
5
Following this filing, each of SI and Edizione will have no further
obligation to file statements on Schedule 13D, as SI's beneficial ownership of
Telecom Shares is no longer greater than 5.0% following the SI Exit Transaction,
effective December 22, 2009.
Items 2, 3, 4, 5, 6 and 7 of Schedule 13D are hereby amended and
supplemented to add the following:
ITEM 2. IDENTITY AND BACKGROUND
-----------------------
This Amendment is being filed by each of SI, a company incorporated in
the Duchy of Luxembourg, and Edizione, a limited liability company incorporated
under the laws of Italy.
Edizione owns 79.08% of the share capital of SI, which in turn owned
directly 8.39% of the equity of Telco prior to the SI Exit Transaction.
Edizione's principal business is to act as a holding company for
various operations in the retail sector (principally through its shareholdings
in Benetton Group and Autogrill S.p.A.) and, through its subsidiary SI, the
infrastructure and mobility services sector, with SI's shareholdings in
Atlantia-Autostrade per l'Italia, Investimenti Infrastrutture (Gemina-Aereoporti
di Roma) and other European infrastructure companies.
Edizione's principal office is located at Via Calmaggiore 23, Treviso,
Italy. SI's principal office is located at 1, Place d'Armes, L1136, Luxembourg.
The names, citizenship, business addresses and principal occupations or
employments of the executive officers and directors of Edizione and SI are set
forth, respectively, in Annexes A-1 and A-2, which are incorporated herein by
reference.
During the past five years, neither Edizione, SI nor any of their
respective directors or executive officers has been (i) convicted in any
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activity subject to, federal or state securities laws or fining any
violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
-------------------------------------------------
As stated in the Introduction to this Amendment, the cash consideration
due from SI to Telco of euro 605,254,575.20 in connection with the SI Telecom
Share Transfer was partially offset by the cash consideration due from Telco to
SI of euro 293,461,160.95 in respect of the Telco Share Capital Reduction. SI
paid the balance of the cash consideration due from SI to Telco in connection
with the SI Telecom Share Transfer (equal to euro 311,793,414.25) by using funds
from available working capital and with bank loans made to SI by a group of
banks arranged by the Royal Bank of Scotland in the ordinary course of business.
6
ITEM 4. PURPOSE OF TRANSACTION
----------------------
The purpose of the SI Exit Transaction is to allow SI to separate
itself from the Telco group and to allow SI, if it chooses, to divest its 2.06%
interest in Telecom Shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
------------------------------------
Following the SI Exit Transaction, effective December 22, 2009, SI has
no further interest in the Telecom Shares held by Telco, but directly holds
275,115,716 Telecom Shares (representing approximately 2.06% of the outstanding
Telecom Shares) and has sole power to vote or direct the vote and sole power to
dispose or direct the dispositions of such Telecom Shares.
Edizione may be deemed to beneficially own, through its controlling
interest in the share capital of SI, 275,115,716 Telecom Shares (representing
approximately 2.06% of the outstanding Telecom Shares). Edizione has sole power
to vote or direct the vote and sole power to dispose or direct the dispositions
of the 275,115,716 Telecom Shares held directly by SI.
The beneficial ownership of Telecom Shares by the directors and
executive officers of each of SI and Edizione, to the extent currently
available, is indicated next to such director or executive officer's name in
Annexes A-1 and A-2, respectively, of Schedule 13D. Currently, neither SI nor
Edizione has information on any transaction in Telecom Shares during the past 60
days by the persons listed in Annexes A-1 and A-2.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
--------------------------------------------------------------------------------
SI EXIT AGREEMENT
The description of the SI Exit Agreement in the Introduction to this
Amendment is incorporated herein by reference. The summary herein of certain
material provisions of the SI Exit Agreement does not purport to be a full and
complete description of such document and is entirely qualified by reference to
the full text of the unofficial translation of such document attached as Exhibit
103 hereto.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
--------------------------------
Exhibit 101: Joint press release, dated October 28, 2009, issued by the
shareholders of Telco (Telefonica S.A., Assicurazioni Generali
S.p.A, Intesa Sanpaolo S.p.A., Mediobanca S.p.A. and Sintonia
S.A.).
Exhibit 102: Telco S.p.A. press release, dated November 26, 2009.
Exhibit 103: Purchase and Sale Agreement, dated December 22, 2009 by and
between Telco S.p.A. and Sintonia S.A. (unofficial English
translation).
Exhibit 104: Telco S.p.A. press release, dated December 22, 2009.
7
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: December 23, 2009
SINTONIA S.A.
By: /s/ Stefano Cao
--------------------------------
Name: Stefano Cao
Title: Managing Director
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: December 23, 2009
EDIZIONE S.r.l.
By: /s/ Gianni Mion
---------------------------------
Name: Gianni Mion
Title: Managing Director
9
ANNEX A-1
DIRECTORS AND EXECUTIVE OFFICERS OF SINTONIA S.A.
The name, title, present principal occupation or employment of each of the
directors and executive officers of Sintonia S.A. are set forth below. The
business address of each director and executive officer is Sintonia S.A.'s
address. Unless otherwise indicated, each occupation set forth opposite an
individual's name refers to Sintonia S.A. Unless otherwise indicated below, all
of the persons listed below are citizens of the Republic of Italy.
--------------------------------------------------------------------------------------------------------------------
PRESENT PRINCIPAL
OCCUPATION
NAME AND SURNAME (IF DIFFERENT FROM
POSITION WITH POSITION WITH CITIZENSHIP IF TELECOM SHARES
SINTONIA S.A. SINTONIA S.A.) OTHER THAN ITALIAN BENEFICIALLY OWNED
--------------------------------------------------------------------------------------------------------------------
Jean Hoss Chairman Lawyer Luxembourg *
--------------------------------------------------------------------------------------------------------------------
Stefano Cao Managing Director *
--------------------------------------------------------------------------------------------------------------------
Gilberto Benetton Director Entrepreneur *
--------------------------------------------------------------------------------------------------------------------
Gustave Stoffel Director Consultant Luxembourg *
--------------------------------------------------------------------------------------------------------------------
Gianni Mion Director Executive *
--------------------------------------------------------------------------------------------------------------------
Sergio Erede Director Lawyer *
--------------------------------------------------------------------------------------------------------------------
Alex Sulkowski Director Consultant Luxembourg *
--------------------------------------------------------------------------------------------------------------------
Carlo Bertazzo Director Executive *
--------------------------------------------------------------------------------------------------------------------
Karl Pardaens Director Lawyer Luxembourg *
--------------------------------------------------------------------------------------------------------------------
Alessandro Bertani Director Executive *
--------------------------------------------------------------------------------------------------------------------
Kim Ji Eun Director Executive Korea *
--------------------------------------------------------------------------------------------------------------------
Philippe Lenoble Director Executive Belgium *
--------------------------------------------------------------------------------------------------------------------
* INFORMATION UNAVAILABLE
10
ANNEX A-2
DIRECTORS AND EXECUTIVE OFFICERS OF EDIZIONE
The name, title, present principal occupation or employment of each of the
directors and executive officers of Edizione are set forth below. The business
address of each director and executive officer is Edizione's address. Unless
otherwise indicated, each occupation set forth opposite an individual's name
refers to Edizione. Unless otherwise indicated below, all of the persons listed
below are citizens of the Republic of Italy.
---------------------------------------------------------------------------------------------------------------------
NAME AND SURNAME POSITION WITH PRESENT PRINCIPAL OCCUPATION TELECOM SHARES
EDIZIONE (IF DIFFERENT FROM POSITION WITH BENEFICIALLY OWNED
EDIZIONE)
---------------------------------------------------------------------------------------------------------------------
Gilberto Benetton Chairman Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Carlo Benetton Deputy Chairman Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Luciano Benetton Director Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Giuliana Benetton Director Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Alessandro Benetton Director Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Franca Bertagnin Director Entrepreneur *
Benetton
---------------------------------------------------------------------------------------------------------------------
Sabrina Benetton Director Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Christian Benetton Director Entrepreneur *
---------------------------------------------------------------------------------------------------------------------
Gianni Mion Managing Director Executive *
---------------------------------------------------------------------------------------------------------------------
Fabio Cerchiai Director Executive *
---------------------------------------------------------------------------------------------------------------------
Giovanni Costa Director Professor *
---------------------------------------------------------------------------------------------------------------------
* INFORMATION UNAVAILABLE
11
EXHIBIT INDEX
Exhibit No.
-----------
99.85 Co-Investment Agreement, dated as of April 28, 2007, by and among
Generali, Intesa Sanpaolo, Mediobanca, the Sintonia Buyer and
Telefonica.*
99.87 Shareholders' Agreement, dated as of April 28, 2007, by and among
Generali, Intesa Sanpaolo, Mediobanca, the Sintonia Buyer and
Telefonica.*
99.90 Share Purchase Agreement, dated May 4, 2007, by and among the
Investors, Pirelli and the Sintonia Sellers.*
99.92 Amendment to the Co-Investment Agreement and the Shareholders'
Agreement, dated October 25, 2007, by and among Generali, Intesa
Sanpaolo, Mediobanca, Sintonia S.A. and Telefonica.*
99.93 By-laws of Olimpia S.p.A. (unofficial English translation).*
99.94 The Announcement of the Board of Commissioners of the Brazilian
National Telecommunications Agency (Anatel) related to the
Transaction, dated October 23, 2007 (unofficial English
translation).*
99.96 By-laws of Telco S.p.A. (unofficial English translation).*
99.97: Call Option Agreement, dated November 6, 2007, between Telefonica
and Telco. *
99.98 Amendment to Shareholders Agreement and to Bylaws, dated November
19, 2007, by and among Generali, Intesa Sanpaolo, Mediobanca,
Sintonia S.A. and Telefonica. *
99.99: Amended and Restated By-laws of Telco (unofficial English
translation). *
99.100 Letter of Adherence to the Call Option Agreement by Olimpia S.p.A.,
dated November 15, 2007. *
99.101 Joint press release, dated October 28, 2009, issued by the
shareholders of Telco (Telefonica S.A., Assicurazioni Generali
S.p.A, Intesa Sanpaolo S.p.A., Mediobanca S.p.A. and Sintonia S.A.)
99.102 Telco S.p.A. press release, dated November 26, 2009.
99.103 Purchase and Sale Agreement, dated December 22, 2009 by and between
Telco S.p.A. and Sintonia S.A. (unofficial English translation).
99.104 Telco S.p.A. press release, dated December 22, 2009.
* Previously filed.
12