GVT, the Brazilian telecommunications company target of a takeover attempt by two global rivals, said on Wednesday third quarter net income rose on new phone and broadband lines after a loss a year earlier.
The Curitiba, Brazil-based company reported net income of 57.2 million reais ($33.14 million), compared with a loss of 14.8 million reais a year earlier, according to a statement filed to the Brazilian securities regulator.
This month, Telefonica launched an unsolicited $3.7 billion takeover bid for GVT, outmatching Vivendi's proposed $3 billion offer unveiled in early September.
Both companies see GVT as a perfect fit to capture high-usage and high-margin customers in Brazil, Latin America's largest telecommunications market.
Analysts said Vivendi and Telefonica would like to buy GVT to control its telecom network with a backbone of more than 15,000 kilometers (10,000 miles), and count on with GVT's revenue growth that is six times the local industry's average.
Oct 21, 2009
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