Spain’s Telefonica is looking to improve its offer for Vivendi’s Brazilian unit Global Village Telecom (GVT), amid rising speculation that Telecom Italia (TI) will submit a rival bid for the firm. With the board of Vivendi due to meet today to discuss the Madrid-based carrier’s EUR6.7 billion (USD8.8 billion) offer for GVT, Telefonica’s board hastily met yesterday to considering sweetening its bid ahead of an anticipated counter-bid from its Italian rival. According to people familiar with the matter though, the meeting was adjourned without further comment.
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