MADRID (dpa-AFX) - French conglomerate Vivendi (VIVEF.PK) said that announced that it entered an agreement with Telefonica to exchange 58.4 million of its Telefonica Brasil preferred shares (representing 3.5% of its share capital) for 46.0 million ordinary shares of Telefonica, representing 0.95% of the Spanish telecoms operator's share capital.
The completion of this exchange is subject to approval by the Brazilian competition authority.
Following its sale of GVT on May 28, 2015, and the exchange of Telefonica Brasil shares for ordinary shares of Telecom Italia, Vivendi still held a 7.5% interest in Telefonica Brasil.
Copyright RTT News/dpa-AFX