Italy’s Benetton family is to quit a shareholder consortium that controls Telecom Italia in a move that could see Spain’s Telefónica raise its stake in the Italian telecoms group in spite of some political opposition to its presence.

The Benettons own about 2 per cent of Telecom Italia through their Sintonia holding company, which owns a stake in Telco, the telecoms group’s biggest shareholder with a 24.5 per cent stake. But the family is understood to be leaving because of disappointment with the investment, which dates back to 2001, and as it looks to raise funds to invest in other assets the family owns, which include motorways and airports.