* Antitrust examining pact details - source
* Respecting deadlines under the spotlight - source
* Could see formal request for delay - source
(releads with antitrust inquiry)
By Stefano Bernabei and Elisabetta Andreis
ROME/MILAN, June 19 (Reuters) - Italy's antitrust authority is scrutinising a revised pact between two of Intesa Sanpaolo's main investors, a source close to the matter said, especially Credit Agricole's failure to respect deadlines to cut its stake.
"The evaluation cannot ignore the issue of the stake" of Credit Agricole, the source said, requesting anonymity. "At the moment there's been no formal request" for an extension.
Italy's antitrust authority had told Credit Agricole to cut its stake in Italy's second-biggest bank to not more than 5 percent by Jan. 1, 2008 and to less than 2 percent this year.
But it still holds 5.8 percent as tumbling share markets during the current financial crisis have slashed the stake's value to around 1.58 billion euros and it wants to avoid selling at depressed prices or a costly writedown.
Its pact, agreed in May with Italian insurer Assicurazioni Generali on a total 10.8 percent of Italy's second-biggest bank, could help Credit Agricole argue that it is a strategic investment and therefore not subject to a writedown.
Credit Agricole was also told by the antitrust not to take a role in corporate governance at Intesa Sanpaolo but under its original pact with Generali it did.
The two suspended their original agreement until June 30 and are putting together a revised pact which they hope will satisfy antitrust authorities.
TOUGH MEASURES?
The source said on Friday that if the antitrust authority received a formal request for an extension of the deadline to sell, it was likely to accept but impose restrictions on the stake.
The authority granted an extension to Italy's biggest bank, UniCredit on selling 3.24 percent of Generali last year with the condition of suspending voting rights.
Intesa Sanpaolo could face a fine of up to 5 billion euros from the antitrust, newspapers have reported, for failing to ensure shareholders meet its requirements.
On Friday, Intesa Sanpaolo's chief executive, Corrado Passera, said its shareholders would find a solution if the bank faced a fine.
"Shareholders will find a solution which won't create problems for the bank," Passera said on the sidelines of a conference in Milan.
He gave no further details.
One analyst suggested Intesa Sanpaolo might try to share the possible fine with Credit Agricole and Generali.
Passera also confirmed the bank would soon take advantage of government-backed bonds aimed at boosting Italian banks' capital.
Intesa shares were down 3.1 percent at 2.265 euros by 1422 GMT while Credit Agricole was broadly flat. The DJ Stoxx index of banks was up 0.91 percent. (writing by Jo Winterbottom, Editing by Andy Bruce)