Telefonica offers 6.7 bln euros for Vivendi's Brazil unit GVT
MADRID Aug 5 (Reuters) - Spain's Telefonica said on Tuesday it had presented a 6.7 billion euro ($8.99 billion) offer to France's Vivendi for its Brazilian unit GVT as it moves to beef up its presence in the Latin American country.
In a statement to the Spanish stock exchange regulator, Telefonica said its offer consisted of an 11.96 billion Brazilian reals ($5.30 billion) payment in cash plus new shares worth 12 percent in Telefonica Brazil.
Under the deal, which would expire on Sept. 3, Telefonica would be prepared to offer Vivendi the chance to acquire an 8.3 percent stake in Telecom Italia. ($1 = 0.7451 Euros) ($1 = 2.2585 Brazilian Reals) (Reporting By Sarah Morris)