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SAO PAULO, Aug 28 (Reuters) - Preferred shares of telecommunications firm Telefonica Brasil dropped on Thursday after its Spanish parent company entered into exclusive negotiations with Vivendi over the French company's Brazilian broadband unit GVT.
Preferred shares of Telefonica Brasil's rival Grupo Oi SA rose after the announcement, made before market open on Thursday.
At 10:17 a.m. local time (1317 GMT), Telefonica Brasil shares were down 1.88 percent to 43.93 reais, while Grupo Oi shares were up 2.80 percent to 1.47 reais. (Reporting by Asher Levine, Editing by Franklin Paul)