MILAN, Reuters – Italian billionaire Leonardo del Vecchio (Reuters) and Fondazione CRT (Banking Foundation Fondazione CRT), shareholders in insurance Generali (MII:), have been discussing dismantling a consulting pact, according to two people familiar with the matter. This was after Francesco Gaetano Caltagirone, a fellow investor, resigned in January.

Sources claimed that “the agreement does not make sense anymore. It has been overcome by the events.”

Generali’s third and second largest investors respectively, Tycoons Caltagirone, and Del Vecchio joined forces in September against Mediobanca, the single largest shareholder of the insurer.

Fondazione CRT, a smaller investor, sided with them. Before Caltagirone’s departure, the group owned 16.3%.

One source said that the decision to disband the pact did not aim to end relations among the investors or to replace Generali’s management.

Generali had asked IVASS, an industry supervisor, if the stake combined required authorisation. The foundation will meet to discuss the matter later Tuesday.

Caltagirone along with Del Vecchio’s representative resigned last month from Generali’s board. They were exempted from any obligation to disclose further stakebuilding.

Caltagirone resigned from the pact at the end of January and stated that he would present his slate of nominees for Generali’s Board. Generali’s Board will be up for renewal April.

Two people familiar with the situation said Caltagirone’s actions were not caused by differences among pact members, but to keep regulators away from declaring that the agreement was more than a consultation arrangement.

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