UPDATE 2-Intesa, Mediobanca to quit Telecom Italia investor pact
* Intesa, Mediobanca join Generali in decision to exit Telco
* Move to make Telefonica biggest Telecom Italia investor
* Italian investors seen selling 7.4 stake gradually-source
* Telecom Italia shares fall 4 percent (Adds Intesa Sanpaolo statement on Telco exit, updates shares)
By Danilo Masoni
MILAN, June 16 (Reuters) - Italian banks Intesa Sanpaolo and Mediobanca moved on Monday to leave the shareholder pact that controls Telecom Italia, following insurer Generali and making way for new investors in the phone company.
Intesa, Mediobanca and Generali formed holding company Telco in 2007 with Spain's Telefonica, aiming to fend off a takeover bid for Telecom Italia by U.S. group AT&T and Mexican tycoon Carlos Slim.
However, the Italian partners in Telco have recently signaled a desire to exit the unprofitable seven-year investment to focus on their core banking or insurance businesses.
"We have said that we don't want to be a telecoms operator," Intesa Sanpaolo's management board chairman, Gian Maria Gros-Pietro, told reporters on Monday at an event in Turin. Continuación...