Telecom Italia SpA on Thursday confirmed its interest in acquiring Vivendi SA's Brazilian broadband unit GVT SA, challenging a surprise 6.7 billion euro ($9 billion) bid by Telefonica SA.Telecom Italia said in a securities filing it had not made a final offer, which would be subject to approval by shareholders of the Italian company and its Brazilian unit TIM Participa��es SA."Telecom Italia confirms that it is undertaking a detailed review to determine whether it may be opportune to submit an offer to Vivendi SA to create an industrial combination that would include integration of the Brazilian businesses of the two groups," TIM and Telecom Italia said in simultaneous filings.The announcement comes a day after Telecom Italia Chief Executive Officer Marco Patuano met Vivendi chairman Vincent Bollore to discuss the potential tie-up, according to two sources with knowledge of the situation.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF fell by 0.15% or $-0.024/share to $15.65. In the past year, the shares have traded as low as $13.50 and as high as $18.05. On average, 988272 shares of TEF exchange hands on a given day and today's volume is recorded at 400754.
Shares of TI fell by 0.18% or $-0.02/share to $10.83. In the past year, the shares have traded as low as $6.36 and as high as $13.54. On average, 92600 shares of TI exchange hands on a given day and today's volume is recorded at 39030.
Shares of TI-A fell by 0.9% or $-0.08/share to $8.80. In the past year, the shares have traded as low as $4.93 and as high as $10.62. On average, 34886 shares of TI-A exchange hands on a given day and today's volume is recorded at 10562.
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