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MILAN, Nov 8 (Reuters) - European media group Vivendi does not hold any saving shares in Telecom Italia that could be converted into ordinary ones under a proposal put forward by the Italian phone group this week, a Vivendi spokesman said on Sunday.
Vivendi, led by Chairman Vincent Bollore, has gradually built up a stake of just over 20 percent to become Telecom Italia's top shareholder, but could see its stake diluted to as little as 13.9 percent when the stock conversion takes place.
Having any saving shares in Telecom Italia would have allowed Vivendi to limit the dilution of its stake.
The spokesman added that Vivendi was likely to meet with Italian market regulator Consob later this month.
Consob has been looking into Telecom Italia after French telecoms tycoon Xavier Niel unexpectedly took large positions in the company last month that could potentially turn him into its second-largest investor behind Vivendi. (Reporting by Agnieszka Flak; Editing by Catherine Evans)