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MILAN, Aug 5 (Reuters) - Shares in Telecom Italia dropped at the open on Tuesday after Spain's Telefonica , the largest shareholder in the Italian telecoms group, said it had presented an offer to Vivendi for its Brazilian Internet provider GVT.
Under the proposal, which expires on Sept. 3, Telefonica would be prepared to offer the French group the chance to acquire an 8.3 percent stake in Telecom Italia.
By 0706 GMT shares in Telecom Italia were down 2.4 percent against a flat Italian blue-chip stock index. (Reporting by Valentina Za; Editing by Lisa Jucca)