India, Oct. 26 -- The majority shareholders of Italian newspaper Il Fatto Quotidiano on Monday rejected a takeover proposal from Leonardo Maria Del Vecchio, heir to the founder of Ray-Ban maker EssilorLuxottica, amid a long-running public dispute between the billionaire and the publication.

Del Vecchio, 31, had sought permission to conduct due diligence before proceeding with a voluntary offer to take Societa Editoriale Il Fatto (SEIF), the Milan-listed parent company of the newspaper, private, Reuters reported.

The publication's seven founding shareholders, including editor-in-chief Marco Travaglio, said in a statement on Sunday night that they had no intention of selling. Together, they hold a majority stake in the company.

The propo...