VIVENDI (BUY, TP24): TIT REVEALS A Eu7B BID FOR GVT WHILE TEF IMPROVES ...
Telecom Italia bids values GVT at Eu7b: Bid is 24% cash and 76% in shares.
Vivendi will have 15% of the NewCo Tim-GVT (TIT will hold 60%) and VIV will
hold around 20% of TIT.
Also this morning, TEF is increasing its bid to Eu7.45b (cash part at Eu4.6b)
-> In the end, TIT offer is as rumored while TEF bid of "only" Eu7.45b could
dissapoint as latest rumors were around Eu8b. VIV will review the 2 offers
duriong its board meeting today and will report H1 tonight after mkt