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MILAN, Aug 28 (Reuters) - Shares in Telecom Italia were broadly unchanged in early trade on Thursday, paring opening losses after the Italian phone company said it had offered to buy Vivendi's unit GVT in a cash-and-share bid that values the broadband company at 7 billion euros ($9.3 billion).
Vivendi will weigh Telecom Italia's offer at a board meeting on Thursday together with an improved bid it received from Spain's Telefonica.
At 0708 GMT shares in Telecom Italia were up 0.29 percent, outperforming Italy's bluechip index Ftse MIB, which was down 0.14 percent. (Reporting by Francesca Landini)