Edgar Filing: UNICREDITO ITALIANO SPA

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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SCHEDULE 13D
(RULE 13D-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934

(AMENDMENT NO. 5)

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TELECOM ITALIA S.P.A.
(Name of Issuer)

ORDINARY SHARES OF EURO 0.55 PAR VALUE
PER ORDINARY SHARE
(Title of Class of Securities)

87927W10
(CUSIP Number)

DANTE PASQUALINI
UNICREDITO ITALIANO S.P.A.
375 PARK AVENUE
NEW YORK, NY 10152
212-546-9601
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

With a copy to:
DANIEL A. NINIVAGGI, ESQ.
WINSTON & STRAWN
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 294-6700

FEBRUARY 14, 2002
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), 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 4 Pages)

SCHEDULE 13D

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CUSIP No. 87927W10
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

UniCredito Italiano S.p.A.

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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

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION

Republic of Italy

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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH 7. SOLE VOTING POWER - 1,357,768
REPORTING PERSON WITH
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8. SHARED VOTING POWER - 2,891,656,682
(See Item 5)

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9. SOLE DISPOSITIVE POWER - 0

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10. SHARED DISPOSITIVE POWER - 2,891,656,682
(See Item 5)

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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,893,014,450
(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) 54.99%
(See Item 5)

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14. TYPE OF REPORTING PERSON - CO

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This Amendment No. 5 amends the Statement on Schedule 13D, dated
October 25, 2001, as amended (as previously amended, the "Statement on Schedule
13D"), filed by UniCredito Italiano S.p.A., a company organized under the laws
of the Republic of Italy ("UniCredito"), 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.

UniCredito, Pirelli, Edizione Holding, BCI and the Purchaser are
members of a group with respect to the Telecom Italia Shares. This Amendment
constitutes a separate filing on Schedule 13D by BCI in accordance with Rule
13d-1(k)(2) under the Securities Exchange Act of 1934, as amended.

Item 4. PURPOSE OF TRANSACTION.

On February 14, 2002, Telecom Italia issued a press release outlining
aspects of its industrial and financial plan. This press release was prepared by
Telecom Italia and the reporting person takes no responsibility for the contents
thereof. A copy of the press release was filed as an exhibit to Amendment No. 10
to Pirelli's Schedule 13D, dated February 21, 2002 (the "Pirelli Amendment"), is
filed as Exhibit 23 to this Schedule 13D and is incorporated by reference
herein.

Item 5. INTEREST IN SECURITIES OF THE ISSUER.

Based on the information contained in the Pirelli Amendment, we
understand that on February 8, 2002, Pirelli Finance (Luxembourg) S.A., a
wholly-owned subsidiary of Pirelli, entered into an equity swap transaction with
JPMorgan Chase Bank. The details of the transaction are set forth in the Pirelli
Amendment and a copy of a letter agreement setting forth the principal terms of
the transaction is filed as an exhibit to the Pirelli Amendment.

Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER

Second Amendment to Shareholders Agreement

Based on the information contained in the Pirelli Amendment, we
understand that on February 13, 2002, Pirelli, Edizione Holding and Edizione
Finance International S.A. entered into an amendment to the Shareholders
Agreement (the "Shareholders Agreement Amendment No. 2"). The details of the
amendment are set forth in the Pirelli Amendment and a copy of the Shareholders
Agreement Amendment No. 2 is filed as an exhibit to the Pirelli amendment.

Item 7. MATERIAL TO BE FILED AS EXHIBITS.

EXHIBIT NO. DESCRIPTION
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Exhibit 23 Press release, dated as of February 14, 2002, issued by Telecom
Italia (incorporated by reference to Exhibit 34 to Amendment No.
10 to the Schedule 13D, dated February 21, 2002, filed with the
Securities and Exchange Commission by Pirelli S.p.A.)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

UNICREDITO ITALIANO S.P.A.

By: /s/ Pietro Modiano
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Name: Pietro Modiano
Title: Executive Officer

By: /s/ Elisabetta Magistretti
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Name: Elisabetta Magistretti
Title: Executive Officer

Dated: April 15, 2002