Telecom says the holders of its American Depositary Receipts can cancel them at no cost and receive shares in return in the next three months.
The phone retailer says the Bank of New York Mellon will waive its cancellation fees for that period.
Telecom is aiming to slash costs, including axing another 1000 jobs at least, to become more competitive.
It wants to reduce its ADR programme so it can deregister from the Securities Exchange Commission and quit its compliance obligations.
