LONDON — The British government will take over Royal Bank of Scotland Group with a majority stake of almost 60 percent after the shareholders of the nation's second-largest bank shunned an emergency share issue.

The rescue takeover, valued at $31 billion, was the result of a plan announced last month. It means dividends on common shares will be scrapped and bonuses for top executives will be canceled. Chief Executive Fred Goodwin has resigned and Chairman Tom McKillop, who last week apologized to shareholders for the 85 percent fall in the bank's share value, has said he will retire.