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Telecom Italia: final results of the voluntary Partial cash Tender Offer for TIM ordinary shares and the voluntary cash Tender Offer for all TIM savings shares

01/26/2005 - 07:15 PM

Further to the press release issued on January 21, 2005 regarding the provisional results of the voluntary partial tender offer for TIM ordinary shares and the voluntary tender offer for all TIM savings shares, and the press release issued on January 24, 2005 regarding the waiver of the conditions to effectiveness of the Offer, as set forth in the Offer Document, Telecom Italia officially announces the final results of the Offer. 

The final number of shares tendered were as follows:

- 2,639,154,665 ordinary shares (corresponding to approximately 31.2% of TIM's ordinary share capital and approximately 107.4% of the ordinary shares subject to the Offer), and

- 8,463,127 savings shares (corresponding to approximately 6.4% of TIM's savings share capital and of the savings shares subject to the Offer).

As already announced, since the number of ordinary shares tendered exceeds the maximum number of ordinary shares sought in the Offer, the company prorated proportionally the acceptances. On the basis of the final results of the Offer for ordinary shares, the proration percentage was 93.0803440% (instead of 93.0794515%, as already announced on the basis of the provisional results of the offer).

The transfer to Telecom Italia of ownership of the Tim ordinary and savings shares tendered and accepted will take place on January 28, 2005, the scheduled payment date.

On completion of the Offer, Telecom Italia will hold 7,190,583,124 TIM ordinary shares and 8,463,127 TIM savings shares, corresponding respectively to 84.8% of TIM's ordinary share capital and 6.4% of TIM's savings share capital.

Telecom Italia's financial advisors for the transaction are JPMorgan Chase Bank and MCC S.p.A. - Capitalia Banking Group. Other advisors to Telecom Italia in relation to the Offer are Banca Intesa S.p.A. and UniCredit Banca Mobiliare S.p.A.

Banca Caboto S.p.A. (Intesa Group), MCC - Capitalia Banking Group and Unicredit Banca Mobiliare S.p.A. acted as intermediaries engaged to coordinate the collection of acceptances.

Milan, January 26, 2005