VMware backup fails with Failed to quiesce the virtual machine Fault type is 4588 (4035708)

Extract from binary log:

Job Message   2014/07/29 16:07:39   1395   Data Plugin   ALCOR   TaskID 1u VM '<VM name>' uuid '<UUID>' is being managed by ESX server of build no '1331820'

Error   2014/07/29 16:07:49   1395   Data Plugin   xxxx   TaskID 1u Failed to snapshot VM


VMWVIM  :03472  116       0 150754 Fault string is 'An error occurred while saving the snapshot: Failed to quiesce the virtual machine.'
VMWVIM  :03472  117       0 150754 Fault type is 4588
VMWVIM  :03472  110       0 150754 Property name is info.state and change type is 2
VMWVIM  :03472  207       0 150754 Task to create VM snapshot failed with reason 'An error occurred while saving the snapshot: Failed to quiesce the virtual machine.'
VMWSLAVE:03472  204       0 150754 Failed to snapshot VM

Extract from application event log:

Volume Shadow Copy Service error: Unexpected error calling routine IOCTL_DISK_SET_SNAPSHOT_INFO(\\.\PHYSICALDRIVE0) fails with winerror 1168.  hr = 0x80070490, Élément introuvable.