March 21 (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 now owns 19.32% of the ordinary shares and voting rights,

and 13.87% 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.