Vivendi’s €2.8bn ($4.2bn) takeover of GVT, the Brazilian broadband operator, failed to impress investors on Monday, sending the group’s shares down nearly 3 per cent.
The French media group ended its five-year search for a large emerging market asset on Friday night when the company announced it had acquired 54 per cent of GVT’s capital for R$56 a share, trumping an improved offer from Telefónica, the Spanish telecoms group. Vivendi launched a mandatory offer for the rest of the shares at the same price.
