Telefonica looking to sweeten GVT bid

28 Aug 2014

Spain’s Telefonica is looking to improve its offer for Vivendi’s Brazilian unit Global Village Telecom (GVT), amid rising speculation that Telecom Italia (TI) will submit a rival bid for the firm. With the board of Vivendi due to meet today to discuss the Madrid-based carrier’s EUR6.7 billion (USD8.8 billion) offer for GVT, Telefonica’s board hastily met yesterday to considering sweetening its bid ahead of an anticipated counter-bid from its Italian rival. According to people familiar with the matter though, the meeting was adjourned without further comment.

Brazil, Global Village Telecom (GVT), Telecom Italia (TIM), Telefonica