France, Sept. 27 -- The plan to transform the 1970s tower into a lighter, greener skyscraper has collapsed after its co-owners overwhelmingly rejected the first stage of the renovation.

More than 76 percent of stakeholders voted on Wednesday against signing contracts to remove asbestos, strip out the interior and partly dismantle the facade.

The decision effectively kills the redevelopment project because its planning permission expires at the end of November.

The building has already been emptied in preparation for the work, but disputes over rising costs, financing and the redistribution of floor space sent its owners back to the drawing board.

The LFPI investment group - the tower's largest co-owner - withdrew its support over the ...