UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 2002
TELECOM ITALIA S.p.A.
(Translation of registrant's name into English)
CORSO D'ITALIA 41
ROME, ITALY 00198
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
FORM 20-F [X] FORM 40-F [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
YES [ ] NO [X]
If "Yes" is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): 82- _______
[TELECOM ITALIA LETTERHEAD]
PRESS RELEASE
The divestment plan continues apace as the target of 5 billion
euros is passed a year ahead of schedule
TELECOM ITALIA SELLS ITS HOLDING IN IMMSI
Gross capital gains of 50 million euros
Milan, 15 November 2002 - Today Telecom Italia S.p.A. reached an agreement
with Interbanca S.p.A., acting as broker for Omnipartecipazioni S.p.A. in the
sale of the latter's holding, comprising 99,000,001 shares, amounting to about
45 per cent of IMMSI S.p.A.'s capital.
IMMSI is the real-estate company quoted on the stock market that came into
being on the division of Sirti in 1999.
Once the formalities regarding informing the competent authorities have been
completed, Omnipartecipazioni will pay cash for Telecom Italia's 99,000,001
IMMSI shares, at a rate of 69 euro cents per share.
This operation will net Telecom Italia S.p.A. 68.3 million euros, with capital
gains gross of tax of 50.2 million euros. With this sale Telecom Italia carries
forward its divestment plan and the realignment of its real-estate sector.
Communication & Media Relations:
+3906.3688.2023/2066
www.telecomitalia.it/stampa
Investor Relations:
+3906.36882560/2381
www.telecomitalia.it/investor
Cautionary Statement for Purposes of the "Safe Harbor" Provision of the United
States Private Securities Litigation Reform Act of 1995.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. The Press Release included in this Form 6-K
contains certain forward looking statements and forecasts reflecting
management's current views with respect to certain future events. Telecom
Italia's ability to achieve its projected results is dependant on many factors
which are outside of management's control. Actual results may differ materially
from those projected or implied in the forward-looking statements. Such
forward-looking information involves risks and uncertainties that could
significantly affect expected results and are based on certain key assumptions.
The following important factors could cause the Group's actual results to differ
materially from those projected or implied in any forward-looking statements:
- the continuing impact of increased competition in a liberalized market,
including competition from global and regional alliances formed by other
telecommunications operators in Telecom Italia's core domestic fixed-line and
wireless markets;
- Telecom Italia's ability to introduce new services to stimulate
increased usage of its fixed and wireless networks to offset declines in its
fixed-line business due to market share loss and pricing pressures generally;
- Telecom Italia's ability to achieve cost-reduction targets in the time
frame established or to continue the process of rationalizing its non-core
assets;
- the impact of regulatory decisions and changes in the regulatory
environment;
- the impact of the economic crisis in Argentina, the slowdown generally
in Latin American economies and the slow recovery of economies generally on
Telecom Italia's international business focused on Latin America and on its
foreign investments and capital expenditures;
- the continuing impact of rapid changes in technologies;
- the impact of political and economic developments in Italy and other
countries in which the Group operates;
- the impact of fluctuations in currency exchange and interest rates;
- Telecom Italia's ability to implement successfully its 2002-2004
Industrial Plan, including the rationalization of its corporate structure and
the disposition of Telecom Italia's interests in various companies;
- Telecom Italia's ability to successfully achieve its debt reduction
targets;
- Telecom Italia's ability to successfully roll out its UMTS networks and
services and to realize the benefits of its investment in UMTS licenses and
related capital expenditures;
- Telecom Italia's ability to realize the benefits of the merger of SEAT
and Tin.it;
- SEAT's ability to successfully implement its internet strategy;
- Telecom Italia's ability to achieve the expected return on the
significant investments and capital expenditures it has made in Latin America
and in Europe;
- the amount and timing of any future impairment charges for Telecom
Italia's licences, goodwill or other assets; and
- the impact of litigation or decreased mobile communications usage
arising from actual or perceived health risks or other problems relating to
mobile handsets or transmission masts.
The foregoing factors should not be construed as exhaustive. Due to such
uncertainties and risks, readers are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date hereof.
Accordingly, there can be no assurance that the group will achieve its projected
results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: November 15, 2002
TELECOM ITALIA S.p.A.
BY: /s/ Carlo De Gennaro
---------------------------
Carlo De Gennaro
Company Manager