Updated Friday, November 6, 2009 11:34 am TWN, Bloomberg

Telefonica boosts GVT takeover bid to US$3.99 bil.

MADRID -- Telefonica SA, Europe's second- largest phone company, boosted its offer for Brazil's GVT (Holding) SA by 5.2 percent to about 2.7 billion euros (US$3.99 billion) to fend off rival bidder Vivendi SA. Telefonica's unit Telecomunicacoes de Sao Paulo SA increased the offer to 50.5 reais (US$29.20) per GVT share, from 48 reais earlier, it said Thursday in a regulatory filing. Vivendi had offered 42 reais a share.

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