MILAN (Reuters – Francesco Gaetano Caltagirone has renounced a pact with Leonardo Del Vecchio, a fellow Generali (MI) investor. The two Italian magnates were trying to force Mediobanca (OTC) into bankruptcy. A letter seen by Reuters revealed that they had done so.

Two people familiar with the situation said Caltagirone did not move because of disagreements between fellow pact member, but to keep regulators away from declaring that the pact is not just a consultation agreement.

Generali’s second and third largest investors are Caltagirone, and Del Vecchio, respectively. The agreement was eventually joined later by another smaller Generali investor. It amounted to an combined share of more than 16% in Italy’s largest insurer.

Caltagirone (a construction- and newspaper mogul) informed his fellow members on Thursday that he decided to end the consultation agreement, according to a letter.

According to the document, he said he will present Generali’s Board of Directors candidates. Generali’s Board of Directors is up for renewal April.

Generali shareholders are invited to nominate a new board by April 29.

With the support of Mediobanca (which owns 12.8% in Generali, but has borrowed shares to secure a temporary 17,2% voting stake at the April meeting), the insurer’s outgoing board is preparing a list for nominees.

Philippe Donnet is the current CEO of Generali, and Caltagirone & Del Vecchio are looking to replace him.