Spanish telecoms giant Telefonica has submitted an offer to buy Brazilian telecoms group GVT (Holding) SA for USD3.74 billion, trumping an earlier bid for the telco made by the French media and telecoms conglomerate Vivendi. In early September Vivendi launched an amicable tender offer for 100% of GVT’s share capital – valuing the deal at around BRL5.4 billion (USD2.9 billion). The Brazilian telco is a leading provider of broadband internet access and voice telephony services in the country. The takeover bid is Vivendi’s latest move to ramp up its presence in emerging markets. However, Telefonica is apparently ready to pay BRL48 per a share in cash for GVT, compared to the BRL42 a share being offered by Vivendi. The Spanish firm’s counter bid reflects the increasing levels of competition for assets in key emerging markets, such as Brazil, where growth levels typically exceed those in mature European markets.