UPDATE 2-Telecom Italia in talks to snap up Vivendi's GVT -sources

jueves 7 de agosto de 2014 17:12 GYT

(Recasts with Reuters sourcing, adds mandates, details on possible tie-up with Mediaset Premium)

By Pamela Barbaglia and Sophie Sassard

LONDON Aug 7 (Reuters) - Telecom Italia is in talks with Vivendi to acquire the French media group's Brazilian broadband unit, and trump a recent bid from Spanish rival Telefonica, sources familiar with the situation said.

The plan, which could be finalised over the next three weeks, envisages a counter-bid by Telecom Italia for the Brazilian unit, GVT, followed by an equity swap that would allow Vivendi to acquire a stake in Italy's biggest phone operator, said the sources.

Telecom Italia's executives are working on the transaction with Citigroup, Mediobanca and Banco Bradesco , several sources told Reuters.

The news came soon after Telefonica, Telecom Italia's biggest individual shareholder for the past six years, made an unsolicited 6.7 billion euros bid for GVT earlier this week.

Telefonica is working with J.P. Morgan on the deal, the sources said.

The Spanish telco also offered Vivendi the chance to acquire an 8.3 percent stake in Telecom Italia, which owns 67 percent of Brazil's second-largest mobile firm, TIM Participacoes .

Telecom Italia aims to at least match the value of the Telefonica bid for GVT with cash and shares, most likely in Telecom Italia but possibly in TIM Participacoes, one of the banking sources said.   Continuación...