According to a report by local business daily Milano Finanza (MF), members of the Telco consortium, which holds a 24.5% stake in Telecom Italia (TI), are due to meet on 28 October to discuss the holding group’s future as a TI shareholder. While it is unlikely that the group would look to sell its stake in the incumbent, members could decide to break away from the group or, conversely, commit to remaining part of Telco for the next three years. MF speculates that Telefonica may opt to exit the consortium retaining its shares as a direct stake, which would equate to approximately 10.4% of TI. Other members of the Telco consortium include Assicurazioni Generali, Intesa Sanpaolo, Mediobanca and Sintonia, a holding of the Benetton family. If Telefonica were to leave the consortium the move would no doubt refuel speculation that a TI-Telefonica merger is on the cards. As reported by CommsUpdate, in May 2009 local newspaper a Corriere della Sera reported that TI had held meetings with shareholders to discuss a potential merger, although the incumbent refuted the rumours.