Telecom Italia Seen Planning To Bid Up To 7 Billion Euros For GVT: Report

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Telecom Italia Seen Planning To Bid Up To 7 Billion Euros For GVT: Report

by Wochit 0:46 mins

Telecom Italia Seen Planning To Bid Up To 7 Billion Euros For GVT: Report

by Wochit 0:46 mins

According to a Bloomberg report on Sunday, Telecom Italia is preparing to offer up to 7 billion euros ($9.4 billion) to outbid Spain's Telefonica in the race to acquire Vivendi's Brazilian broadband unit GVT. The report, citing anonymous people with knowledge of the plan, said Vivendi would get a 20 percent holding in Milan-based Telecom Italia and a stake in the entity that combines the two companies' Brazilian units. Sources told Reuters earlier this month that Telecom Italia is in talks with Vivendi over a possible bid for GVT as it seeks to head off a 6.7 billion euro bid from Telefonica.

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