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Telecom Italia Group international operations restructured

12/29/2000 - 12:00 PM

Telecom Italia and Telecom Italia Mobile announce that today a deed was drawn up for the transfer of 1,790,089 Stet Mobile Holding N.V. shares, owned by Telecom Italia, in favor of Telecom Italia Mobile, in return for an issue of new TIM ordinary shares reserved for Telecom Italia, as ruled by the Telecom Italia Mobile Extraordinary Shareholders´ Meeting held on October 24, 2000.

This transaction follows on from completion of the non-proportional division of Stet International S.p.A. in favor of the two pre-existing beneficiary companies, Telecom Italia and Telecom Italia Mobile, which took effect from December 27, 2000.

The restructuring plan for Telecom Italia Group international investments has now been completed. The control chain has been shortened, and a more coherent corporate set-up has been established, in relation to fixed and mobile business areas.

As a result of this transfer, and following on from the conversion of Telecom Italia Mobile savings capital (91.56%), Telecom Italia´s holding in TIM ordinary capital is now equal to 56.1%, while its share of total capital increases from 53.3% to 55.3%.

Rome, 29 December 2000