REFILE-UPDATE 2-Vivendi investors fret about GVT price

(Refiles to correct the day to Monday in first paragraph)

* Vivendi unexpectedly gains control of Brazil's GVT

* Vivendi shares down 2.7 pct

* Analysts worry over fiscal discipline, high M&A multiples

* GVT deal seen increasing likelihood of NBCU stake sale

By Dominique Vidalon and Nicola Leske

PARIS, Nov 16 (Reuters) - Vivendi's (VIV.PA) shares fell on Monday as investors fretted that its dramatic, high-priced purchase of Brazilian telecom group GVT (GVTT3.SA) from under Telefonica's (TEF.MC) nose signalled more dealmaking.

Vivendi Chief Executive Jean-Bernard Levy -- mindful of a huge acquisition spree under former CEO Jean-Marie Messier that left Vivendi with a staggering pile of debt -- has cultivated a reputation for shunning overpriced deals.

But in a surprise move, Vivendi on Friday said it gained control of GVT for up to 4.12 billion reais, beating Telefonica to gain a foothold in Latin America's biggest market, where it does not yet have a presence. [ID:nN13479709]

Vivendi's bid values GVT at 7.2 billion reais, or about $4.8 billion against Telefonica's offer of $4 bln.

SG credit analyst Juliano Torii said that Vivendi may have been under too much pressure to succeed after walking away from some options in the past and may have rushed into the deal, agreeing to a higher than expected price.

"I am concerned that they put the bid together in a bit of a hurry," Torii said.

The move defied the predictions of many analysts who had expected Vivendi to throw in the towel on GVT to stick to a policy of protecting its investment-grade debt ratings and paying high dividends.

"We had given high marks to management for its discipline in the past year, avoiding overpaying for assets in Spain and Africa. It would look like even this discipline has been set aside," said Bernstein Research in a note.