UPDATE 1-Brazil phone group GVT jumps 17 pct on Vivendi bid

* GVT's shares post biggest jump since Oct. 2008

* Vivendi offers to pay $2.9 billion for GVT

* GVT seeks to remove poison pill to facilitate takeover (Recasts; adds shares, background, byline)

By Guillermo Parra-Bernal

SAO PAULO, Sept 9 (Reuters) - Shares of Brazil's GVT (GVTT3.SA) had their biggest jump in almost a year on Wednesday after French entertainment and telecoms group Vivendi (VIV.PA)offered to pay $2.9 billion for the company.

Common stock of Curitiba, Brazil-based GVT surged as much as 17 percent to 42.4 reais, their biggest one-day increase since Oct. 30, 2008. In the 12 months through Sept. 8, the stock has risen 14.4 percent, and on Tuesday, the shares closed at 36.26 reais.

Vivendi said it would launch a tender offer for 100 percent of GVT's capital at 42 reais per share, valuing the Brazilian broadband and telecoms group at 5.4 billion reais ($2.9 billion).

Swarth Group and Global Village Telecom (Holland) BV, the controlling shareholders of GVT, have agreed to sell at least 20 percent of GVT's outstanding shares to Vivendi, the French giant said earlier.

The transaction comes as Vivendi intends to expand in the largest emerging-market economies, where business activity and strong consumer demand provided a buffer to the global recession. Vivendi Chief Executive Jean Bernard Levy has repeatedly said the company was looking for takeover targets in fast-growing countries outside the developed world.

The price for the friendly takeover offer represents more than a 15 percent premium over GVT's closing share price on Tuesday.

A press officer for the company said GVT was seeking to remove a so-called poison pill clause from its statutes. Keeping the poison pill would require Vivendi to present a higher offer for GVT.

Vivendi's bid will only go ahead if it can obtain at least 51 percent of GVT's capital. The tender offer is subject to getting Vivendi board approval and undertaking due diligence before Oct. 16. (Reporting by Guillermo Parra-Bernal, editing by Gerald E. McCormick and Maureen Bavdek)