Telecom Italia confirms interest in GVT

News General Brazil 15 AUG 2014
Telecom Italia confirms interest in GVT
Telecom Italia confirmed that it is undertaking a "detailed review" to determine whether it may make a takeover bid for GVT, the Brazilian broadband operator owned by Vivendi. GVT could be merged with its own Brazil subsidiary, TIM Brasil, strengthening its position in the fixed market. The Italian operator said it had not made any offer yet, nor had the boards of Telecom Italia and TIM Brasil met to discuss the possible offer.

The statement follows reports that Telecom Italia CEO Marco Patuano has met with Vivendi chairman Vincent Bollore to discuss an offer for GVT. Telefonica, which is also Telecom Italia's largest shareholder, earlier made an offer of cash and shares for GVT, including part payment in the form of its 8.3 percent stake in the Italian group. 

Categories:

General

Companies:

Telecom Italia,  GVT,  TIM Brasil,  Vivendi

Countries:

Brazil,  Italy

Tags:

Internet Access, M&A buyouts & divestments

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