CERNOBBIO, Italy (Reuters) - The chairman of Generali said on Saturday he hoped Telecom Italia would benefit from opportunities from sector consolidation but if it did not come up with a convincing business plan, Generali would need to sell its stake. Generali Chairman Gabriele Galateri told Reuters in an interview that a decision on selling its the Italian telecommunications group stake would depend on options presented at Telecom's upcoming board meeting. Four shareholders - Mediobanca, Intesa Sanpaolo, Generali and TelefonicaMC> - control Telecom Italia through holding Telco. They have until September 28 to say whether they will continue to remain shareholders or exit the group. Telecom Italia Chairman Franco Bernabe will review options for a potential new partner at a board meeting on September 19, which could help the phone company cut debt and stave off a credit rating cut. (Reporting by Lisa Jucca and Paola Arosio, writing by Jennifer Clark)