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 DECEMBER 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 LOGO]
PRESS RELEASE
Policy to dispose of non strategic assets continues
TELECOM ITALIA SELLS ITS 29% STAKE IN TELEKOM SERBIA
The sale price is 195 million euros
Rome, 28 December 2002 - Telecom Italia announces that today it accepted a
proposal from PTT Srbija for the acquisition by PTT Srbija of Telecom Italia's
29% stake in Telekom Serbia. PTT Srbija is a public company controlled by the
Serbian government, which already controls 51% of Telekom Serbia.
The sale price is 195 million euros (equal to the current value of the stake
indicated in the Telecom Italia Group financial statements), with the payment of
120 million euros by the closing date, which is expected to occur in April 2003,
and the payment of the remaining 75 million euros by July 2008. At the same time
the shares for the full price will be deposited with a main international bank,
selected by the parties.
The Greek company OTE, also a partner in Telecom Serbia, will be given a pre-
emption right, which OTE may exercise over the next 60 working days, subject to
PTT Srbija's agreement.
With this agreement, Telecom Italia continues its policy to dispose of non
strategic assets.
For information:
Communications & Media Relations: 06.3688.2023 - 2066
www.telecomitalia.it/press
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 Releases included in this Form 6-K
contain certain forward looking statements and forecasts reflecting management's
current views with respect to certain future events. The ability of the Telecom
Italia Group 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 Telecom Italia 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 the core domestic fixed-line and wireless
markets of the Telecom Italia Group;
- the ability of the Telecom Italia Group 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;
- the ability of the Telecom Italia Group 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 continuing impact of rapid changes in technologies;
- the impact of political and economic developments in Italy and other
countries in which the Telecom Italia 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;
- the ability of the Telecom Italia Group 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;
- the ability of the Telecom Italia Group 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: Dicember 30, 2002
TELECOM ITALIA S.p.A.
BY: /s/ Carlo De Gennaro
---------------------------
Carlo De Gennaro
Company Manager