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Tuesday, August 19, 2014

Telecom Italia board to meet next week on GVT -source, (NYSE: TEF)

Telecom Italia will hold a board meeting next week to discuss an offer to acquire Vivendi SA's Brazilian broadband unit GVT SA, a source close to the matter said on Tuesday. "Certainly nothing will happen this week," the source said, adding the board would be held next week, most likely on Wednesday, Aug. 27.Telecom Italia was not immediately available for comment.Last week Telecom Italia confirmed its interest in acquiring GVT, challenging a 6.7 billion euro ($9 billion) bid by Spain's Telefonica SA.Sources have told Reuters the Italian group is looking at a tie-up of its Brazilian unit TIM Participa��es SA and GVT in a deal that could involve Vivendi taking a stake in Telecom itself.

Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF traded higher by 0.19% or $0.03/share to $15.73. In the past year, the shares have traded as low as $13.50 and as high as $18.05. On average, 990052 shares of TEF exchange hands on a given day and today's volume is recorded at 592206.