Vivendi Favors Telefónica Over Telecom Italia for GVT Unit

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Vivendi SA in a swift decision Thursday favored an offer worth nearly $10 billion for its Brazilian telecommunications business from Spanish telecom giant Telefónica SA over a bid from rival Telecom Italia SpA, ending a surprise bidding war between two of Europe’s largest telecom companies.

Vivendi said it had decided to enter into exclusive talks with Spain’s Telefónica after its board held a brief meeting to review offers it…

 

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