Great maneuvers on Telecom Italia. As part of the offer on the Brazilian Gvt, Telefonica has proposed to Vivendi to buy 8,1% of the Italian company. This was revealed in a press release by the French group of telecommunications companies headed by Vincent Bolloré. The news caused the Telecom stock to sink in Piazza Affari, which at the start lost more than three and a half percentage points, 0,8325 euros, achieving the worst performance of the Ftse Mib.
Vivendi specifies that it has received from the Spaniards an offer worth about 6,7 billion euros for Gvt, the Brazilian subsidiary of the French. The payment would be made mostly in cash (about 60%), but also with the sale of shares in Vivo, the Brazilian subsidiary of Telefonica with which the Spanish group aims to integrate Gvt.
“If the offer is accepted – continues the press release –, Vivendi will also have the opportunity to purchase 8,1% of Telecom Italia”.
For its part, Telefonica specifies in a note that, "should Vivendi be interested in a stable stake, it could offer Telecom Italia ordinary shares equal to an 8,3% share of the capital with voting rights, directly or through convertible instruments ”.
The transfer would take place at the end of the operation on Gvt.
