British telecommunications giant Vodafone Group Plc turned down a revised merger proposal from French telecommunications company Iliad for the Italian subsidiaries Iliad Italia and Vodafone Italia, Iliad SA announced on Wednesday. Iliad SA had made a merger proposal to Vodafone on December 18. The terms of the revised merger proposal included a 50/50 merger through the creation of NewCo, and Vodafone to get cash proceeds of €6.6 billion ($7.14 billion) and €2 billion in a shareholder loan. Illiad in turn would get €4 billion in cash proceeds and €2 billion in a shareholder loan. The company re…