Exhibit 42

                            PRESS RELEASE OLIMPIA SPA
                            -------------------------

                                                         Milan, 11 November 2003



Following the publication of articles in the daily press and in order to ensure
equality of information to the market, Olimpia announces that a meeting of the
Board of Directors has been called for Thursday 13 November to approve a capital
increase - in one or more tranches - of up to 800 million Euros, 700 million
Euros of which are to be used to purchase Telecom Italia ordinary shares.

On 5 November an agreement with a leading bank was signed for the corresponding
purchase of Telecom Italia ordinary shares at a maximum price of 2.50 Euros per
share, subject to the approval of the capital increase by Olimpia's corporate
bodies.

The transaction would be completed immediately following the meeting of such
corporate bodies, which will likely take place on 13 November, the bank having
informed the Company - at its request - that the shares in question are already
in large part available to it. The price to be paid by Olimpia should be
approximately 2.40 Euros per share.