MILAN, June 11 Insurer Generali kicked off the dismantling of a shareholder agreement in Telecom Italia's top investor Telco by exercising an option to leave the pact early.
Generali formed the Telco group in 2007 with Spanish telecom operator Telefonica and Italian banks Intesa Sanpaolo and Mediobanca.
Telco is Telecom Italia's biggest investor with a stake of about 22 percent and was, until a change in corporate governance practices this year, able to appoint a majority of board members.
In a statement, Generali said it had asked its Chief Executive Mario Greco to define the exact procedure to implement its exit from the Telco pact. Mediobanca and Intesa Sanpaolo have also signalled they are willing to leave the pact but have not yet given a clear timing on when this may happen. (Reporting by Lisa Jucca; Editing by Pravin Char)