NEW YORK (TheStreet) -- Shares of Vivendi (VIVHY) are up 3.07% to $26.20 after it was reported that the Spanish telecom Telefonica (TEF - Get Report) is offering 6.7 billion euros ($8.99 billion) in cash and shares for Vivendi's Brazilian unit GVT, in a move to shore up its leadership there, the Wall Street Journal reports.
Telefonica said that if its bid is successful it plans to combine GVT with Vivo, its Brazilian unit.
Vivend said that while "none of its subsidiaries are for sale," it would review the bid.
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