Vivendi delays sale of Brazilian unit GVT -report

PARIS Mon Feb 25, 2013 3:16pm EST

PARIS Feb 25 (Reuters) - Vivendi is delaying the sale of its Brazilian telecom unit GVT after the French group failed to obtain offers near its preferred price of 7 billion euros ($9.25 billion), French daily Les Echos reported on its website on Monday without citing sources.

A Vivendi spokesman declined to comment on the report, but added that the company is not in a rush to sell the business.

The French media, entertainment and telecoms conglomerate, which is due to report full-year results on Tuesday, is looking to sell several assets as part of an overhaul aimed at cutting debt and reducing its exposure to the capital-intensive telecoms business.

Sources have told Reuters that Vivendi expected to receive final bids for GVT in March.

Brazilian newspaper Folha de S.Paulo reported on Sunday that the deal was weeks away, sending Vivendi shares up 3.5 percent on Monday morning.

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