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Vivendi to acquire 0.95% stake in Telefonica

Staff writer |
Vivendi entered an agreement with Telefonica to exchange 58.4 million of its Telefonica Brasil preferred shares, representing 3.5% of its share capital, for 46 million ordinary shares of Telefonica, representing 0.95% of the Spanish telecoms operator’s share capital.

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The completion of this exchange is subject to approval by the Brazilian competition authority (Cade).

Following its sale of GVT on May 28, 2015, and the exchange of Telefonica Brasil shares for ordinary shares of Telecom Italia, Vivendi still held a 7.5% interest in Telefonica Brasil. This transaction reflects the group’s intention to become more active in Europe and to pursue strategic partnerships there.

The French media giant increased its stake in Telecom Italia to 14.9 percent last month, replacing Telefonica as the Italian operator's largest shareholder.

A Bloomberg report last month suggested Vincent Bollore, Vivendi's chairman and largest shareholder, wants Telecom Italia to consider a disposal of TIM Brasil in the next two years to focus on Europe.


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