Telefonica increases its bid for Brazil’s GVT

5 Nov 2009

Spanish telecoms heavyweight Telefonica yesterday increased its offer for Brazil’s Global Village Telecom (GVT) by 5.2%, in a move designed to trump a potential counterbid by French media conglomerate Vivendi and complete a deal by the end of the month. In a regulatory filing, Telefonica’s Brazilian unit Telesp said by raising its offer it hoped to ‘ensure the success of its bid and to reinforce its intention’ to acquire GVT. Telefonica’s revised bid has been up to BRL50.50 per share, valuing the deal at USD3.9 billion, from USD3.7 billion, previously.