By Giada Zampano

MILAN--Shareholders in Italian telecommunications operator Telecom Italia SpA (TIT.MI) on Tuesday rejected a management plan to convert saving shares into ordinary stock, as French media company Vivendi--Telecom Italia's largest shareholder with a 20% stake--abstained in the vote.

The plan, under which all shareholders would have been diluted by about 30%, didn't receive the two-thirds of the vote it needed to pass. It was approved by only 62.5% of the shareholders who attended the meeting, while 36% abstained and 1.5% voted against the plan.

Vivendi had already announced its intention to abstain ahead of the vote, saying it believed the cash payment for savings shareholders under the plan was insufficient.

Write to Giada.zampano@wsj.commailto:Giada.zampano@wsj.com

(END) Dow Jones Newswires

December 15, 2015 10:14 ET (15:14 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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