Vivendi takes up Telefonica offer for Brazilian unit

French and Spanish telcos in talks for 7.45-bn-euro deal

(see related) (ANSA) - Paris, August 28 - French group Vivendi on Thursday announced that it had entered into exclusive negotiations with Spanish telecommunications company Telefonica for the sale of its wholly owned Brazilian fixed network and broadband service provider GVT.
    The decision came after the Madrid-based company upped its original offer of 6.7 billion euros to 7.45 billion euros, a valuation described by Vivendi as "particularly interesting".
    Telefonica made the new offer Thursday after Italian telecommunications giant Telecom Italia and its Brazilian subsidiary TIM Participações bid 7 billion euros for the Brazilian unit. In a statement, Vivendi said the offer by Telecom's Spanish competitor "better responded to the group's strategic and financial aims" while also giving a nod to the "pertinence and quality" of the Telecom offer.


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