Telefonica discusses raising bid for Vivendi's GVT

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica’s (NYSE:TEF) board is discussing plans to raise its bid for Vivendi's (OTCPK:VIVHY) GVT to as much as €8B ($10.6B), Bloomberg reports.

Previously, Telefonica offered €6.7B for the Brazilian broadband unit.

The new bid could be announced before Aug. 28 and even before Telecom Italia (NYSE:TI) puts forward its formal rival bid.