The main shareholders of Telecom Italia have renewed their agreement for three years, until February 2015. The Telco consortium holds a 22.5 percent stake in Telecom Italia and includes Generali Group, Intesa Sanpaolo, Mediobanca and Telefonica. The shareholders said the terms and conditions of the agreement are unchanged, including the right to request cancellation of the agreement, by notice in August 2014, and the right to request early termination, during September 2013, with execution within the following six months. They have also made a commitment to refinance Telco's debt falling due this year. They are currently in talks with banks on a refinancing package, and if negotiations are unsuccessful, they will provide the capital themselves, on a pro rata basis for their shareholdings.
