France's Vivendi reduces stake in Telecom Italia to 18.4%

(Corrects figures in the second paragraph to 18.37% ordinary shares from 19.32%, and 13.19% of share capital from 13.87%)

(Reuters) -Vivendi on Friday said it has reduced its ownership in Telecom Italia (TIM) to 18.4% from 23.8%, in line with its earlier strategic decision to divest from the Italian telecom operator.

After further sales made post-March 18, the Paris-listed group said it now owned 18.37% of the ordinary shares and voting rights, and 13.19% of the share capital, in the Italian telecom operator, the company said in a statement.

This month Vivendi's CEO Arnaud de Puyfontaine confirmed the company intended to sell its stake in TIM, as the Paris-listed group no longer considers the investment to be strategic.

"When we are in a position to be able to exit the company in good terms, we'll do it," he told analysts in a post-result call.

Vivendi first invested in TIM in 2015.

The former Italian phone monopoly last year became the first telecom incumbent in a major European country to opt for a full separation of its fixed-line network, selling it to a consortium led by U.S. fund KKR.

Vivendi opposed the grid sale, and is challenging the move in court.

In February, state-backed financial conglomerate Poste became TIM's second-largest shareholder after Vivendi by acquiring a 9.8% stake from state lender Cassa Depositi e Prestiti, a move backed by leading officials in Prime Minister Giorgia Meloni's office.

Sources told Reuters Poste was considering raising its stake further.

(Reporting by Pretish M J in Bengaluru and Elvira Pollina in Milan; Editing by Vijay Kishore)