Shareholders in Telco, the holding company that controls Telecom Italia SpA (TI), confirmed Wednesday that Benetton's (BEN.MI) Sintonia SA will leave the pact, adding that its exit will possibly be completed by the end of November.

Telefonica is the biggest shareholder in Telco, along with Insurer Assicurazioni Generali SpA (G.MI) and banks' Intesa Sanpaolo (ISP.MI) and Mediobanca SpA (MB.MI).

In a joint statement, Telco's remaining shareholders confirmed the pact was renewed for another three years, until April 2013.

They added, however, that the new pact will give shareholders a right of early withdrawal, that can be exercised in April 2011.

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