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Telecom Italia's shareholders in talks with Telefonica, others: source

MILAN (Reuters) - Italian phone company Telecom Italia's controlling shareholders are in talks with Telefonica and other interested parties to buy their stakes, said a person familiar with the matter on Tuesday.

Telecom Italia is seeking a new shareholder structure that could revive its fortunes after years of underperformance.

Telco's controlling shareholders have up to September 28 to decide whether to dissolve their shareholder pact that controls the company.

Telefonica is the biggest shareholder in Telco, the holding that controls Telecom Italia with a 22.4 percent stake. Telco also includes Italian banks Intesa Sanpaolo and Mediobanca, as well as insurer Generali.

(Reporting by Gianluca Semeraro, writing by Jennifer Clark)