Vivendi Goes for Rest of GVT

French entertainment and telecom company Vivendi is launching a tender offer for up to 18.1m outstanding common shares in GVT, corresponding to 13,22% of the total capital. The offer price is BRL56, paid in cash and the deal is through an auction in the electronic trading system of BM&FBOVESPA. Vivendi said last week it had raised its stake in the Brazilian telecom operator to 85.7% from 78.7%. In November, it announced that it had acquired a 57% stake in GVT through a combination of private negotiations with the telecom’s controlling shareholders and open market purchases, valuing the target at BRL7.17bn. GVT was advised by Barclays, Credit Suisse and Goldman Sachs. Vivendi was advised by BNP and Calyon.