Madrid, Aug 5 (EFE).- Spanish telecom giant Telefonica is offering to buy Paris-based Vivendi's Brazilian unit for 20.1 billion reais ($9 billion).
The offer for Vivendi's Global Village Telecom, or GVT, unit is good until Sept. 3, Telefonica said in a filing with Spain's National Securities Market Commission, or CNMV.
GVT would be merged into Telefonica Brasil if the deal goes through, the Spanish telecom giant said.
Vivendi would receive 11.96 billion reais (about $5.3 billion) in cash and stock representing a 12 percent interest in Telefonica Brasil worth slightly more than 8.1 billion reais (about $3.6 billion).
A merger of Telefonica Brazil and GVT would create the largest telecom operator in Brazil, the biggest telecommunications market in Latin America, Telefonica said.
Telefonica is also offering to sell Vivendi up to 1.11 billion shares of Telecom Italia, representing an 8.3 percent stake.
Vivendi, for its part, said it was not looking to sell any of its units but would study Telefonica's offer.
"Vivendi wishes to emphasize that none of its subsidiaries are for sale. Its strategy is to create an industrial group focused on the organic growth of its activities and to support them in their development," the French company said in a statement released Tuesday.
The board of directors "will consider the Telefonica offer at its next meeting, in the best interests of its shareholders and the GVT employees, and will decide what action to take as a result," Vivendi said.