It has been a battle for the two telecom giants to acquire Vivendi s Brazilian broadband unit GVT where Telecom Italia is looking to bid 7 billion euros to snatch the deal while Spain s Telefonica is also in the race to get the deal done.
According to the reports Telecom Italia will be giving a 20 percent holding to the Brazilian firm along with some other benefits which so far taken Telecom Italia ahead. However there was no comment made from both Telecom Italia and Vivendi instantly.
According to the sources Telecom Italia has been looking to acquire the Brazilian firm and they have already started the talks where Spain s Telefonica earlier made the bid of 6.7 billion euros which the Italian telecom firm is looking to beat.
The Spanish company had made the offer earlier this month where the firm is also one of the biggest rivals for Telecom Italia in the Brazilian market.
And the Telecom Italia has informed that they have been looking to seal the deal to get the best possible result on their industrial combination between the two as well as their Brazilian business.
However Telecom Italia did inform that they are yet to make the final deal as they are waiting for the board s approval and also from their Brazilian unit.
According to the sources it was also learnt that Telecom Italia s CEO Marco Patuano had a meeting with the chairman of the Vivendi Vincent Bollore to talk about the deal.
The deal would see Telecom Italia to merge with GVT and on the other hand Vivendi will be getting the stake with the Italian telecom company and it was learnt that the offer will be given in the next month by Telecom Italia.