Telefonica is to seek regulatory approval for its BRL6.5 billion (USD3.7 billion) offer for GVT. The Spanish operator’s bid trumps that made by French conglomerate Vivendi which failed last month. The proposed acquisition ‘makes sense because there is a perfect geographical fit [between Telefonica’s existing Brazilian subsidiary Telesp and GVT]. It is a complementary business model and financially… we could grow and generate cash’ said Telesp’s investor relations director Gilma Camurra in a conference call. Meanwhile, Antonio Carlos Valente, chief executive at Telesp, says the company is certain that Anatel will approve the takeover and is hopeful that it will do so in the 45-day timeframe laid out in the terms of the offer.