Telecom Italia board to meet next week on GVT: source

MILAN Tue Aug 19, 2014 2:47am EDT

A Telecom Italia antenna booster is seen in northern Rome November 12, 2012.  REUTERS/Alessandro Bianchi

A Telecom Italia antenna booster is seen in northern Rome November 12, 2012.

Credit: Reuters/Alessandro Bianchi

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MILAN (Reuters) - Telecom Italia (TLIT.MI) will hold a board meeting next week to discuss an offer to acquire Vivendi SA's (VIV.PA) 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 (TEF.MC).

Sources have told Reuters the Italian group is looking at a tie-up of its Brazilian unit TIM ParticipaƧƵes SA (TIMP3.SA) and GVT in a deal that could involve Vivendi taking a stake in Telecom itself.

Telecom Italia is preparing to offer up to 7 billion euros to outbid Telefonica, Bloomberg reported on Sunday, adding Vivendi would get a 20 percent stake in the Italian incumbent.

On Monday a source told Reuters Telefonica - Telecom Italia's single biggest shareholder and its rival on the Brazilian market - would offer Vivendi a television content-sharing deal alongside its bid for GVT, taking its overall offer to around 7 billion euros.

(1 US dollar = 0.7488 euro)

(Reporting by Stefano Rebaudo; Writing by Stephen Jewkes; Editing by David Holmes)

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