Shares of Telefonica Brasil drop nearly 4 pct after bid for GVT
RIO DE JANEIRO Aug 5 (Reuters) - Shares of Telefonica Brasil SA, which controls the country's largest wireless carrier, fell on Tuesday after its Spanish parent company made a 6.7 billion euro offer to France's Vivendi for its Brazilian broadband unit GVT.
A purchase of GVT would help the Spanish operator bulk up in fixed telephony and broadband where it is in third place in Brazil, behind America Movil and former monopoly Oi .
Shares of Telefonica Brasil dropped 3.9 percent, while shares of Oi lost 2 percent. (Reporting by Walter Brandimarte; Editing by James Dalgleish)
© Thomson Reuters 2017 All rights reserved.