Spain's Telefonica SA (TEF) has renewed the shareholding pact that controls Telecom Italia SpA (TI), along with the firm's main Italian investors, with the exception of Benetton's (BEN.MI) holding company Sintonia SA, people familiar with the situation said Wednesday.

The Telco shareholding pact, which controls Telecom Italia with a 24.5% stake, was confirmed by Telefonica, together with Italian firms Intesa Sanpaolo (ISP.MI), Mediobanca (MB.MI) and Generali (G.MI), the people said.

Sintonia's exit from Telco comes after the Benetton family openly voiced disappointment over their telecoms investment.

Benetton's Sintonia posted a EUR46 million loss in 2008 after a EUR117 million writedown of its investment in Telco.

Sintonia was the smaller investor in Telco, with an 8.4% stake.

It will take on its part of Telco's debt after leaving the pact, the people said.

-By Sabrina Cohen and Giada Zampano, Dow Jones Newswires; +39 06 69766920; giada.zampano@dowjones.com