Vivendi reportedly talks with TI as Telefonica bids for GVT

Bloomberg reports Telecom Italia (TI +0.9%) is "pursuing an alliance" with Vivendi (OTCPK:VIVHY) that could lead the latter to acquire a major stake in the former.

The talks are said to have begun before Telefonica (TEF -1.8%), which maintains a sizable stake in TI, offered Vivendi $9B to acquire Brazilian wireline carrier GVT.

A TI/Vivendi tie-up could derail Telefonica's bid - TI has reportedly discussed offering Vivendi shares in exchange for GVT. But there's also a possibility Telefonica could offer its TI stake as part of a GVT bid.

TI's proposal also reportedly involves obtaining content distribution rights from Vivendi. The French conglomerate has been busy shedding assets to shore up its balance sheet.

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