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Brazil sets restrictions on Telefonica bid for GVT

Thu Nov 12, 2009 3:56pm EST

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BRASILIA, Nov 12 (Reuters) - Brazilian telecoms watchdog Anatel ruled on Thursday that local telecommunications company GVT (GVTT3.SA) can be bought by Spain's Telefonica (TEF.MC) or French media group Vivendi (VIV.PA).

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But the regulator said that, if Telefonica's bid wins, its takeover can only proceed with some restrictions aimed at ensuring competition.

Anatel ruled that the companies will have to maintain financial and operational autonomy, the regulator's president, Ronaldo Sardenberg, said at a news conference in Brasilia. (Reporting by Fernando Exman and Guillermo Parra-Bernal in Sao Paulo; editing by Andre Grenon)

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