UPDATE 2-Telecom Italia welcomes foreign investors as Vivendi entry looms
* Chairman welcomes investors who bring capital, know-how
* Telecom wants to stay in Brazil with leading role
* Telecom looks at Sky, Mediaset, Netlix for content (Adds vote outcome on new board election rules, CEO quote on Vivendi)
By Danilo Masoni and Stefano Rebaudo
ROZZANO, Italy, May 20 (Reuters) - Telecom Italia's chairman said he welcomed foreign investors in the Italian phone company as French media group Vivendi prepared to become the largest shareholder.
Shareholders at the former Italian telecoms monopoly also approved changes to board appointment rules that could ensure minority investors get greater representation.
"We reject the logic that foreign investments in Telecom Italia are dangerous: whoever brings capital and know-how contributes to make our company stronger, regardless of whether the investor is Italian or a foreigner," Chairman Giuseppe Recchi told shareholders.
Vivendi, focusing on pay-TV and music after selling off a series of assets, was set to obtain a 8.3 percent stake in Telecom Italia after agreeing to sell its Brazilian unit GVT to Telefonica in a deal which is expected to close this month.
Vivendi's intentions remain unclear. Continuación...