Telefonica submitted a €6.7 billion ($9 billion) offer for Vivendi’s fixed Brazilian provider GVT – a move which could ease the Spanish operator’s uneasy regulatory position in Brazil.

The Telefonica offer includes $5.3 billion in cash plus new shares in Telefonica Brazil, equivalent to a stake of about 12 per cent.

In addition, Vivendi would be offered up to 1,110 ordinary shares in Telecom Italia, currently representing about 8.3 per cent of the Italian company’s voting share capital. The stake represents pretty much all of Telefonica’s interest in Telecom Italia.

Brazilian anti-trust watchdog Cade said last year Telefonica must completely exit Tim Brasil (majority owned by Telecom Italia) or get a new partner for Vivo, its mobile subsidiary, if it wants to maintain control of its own unit in Brazil.

If Vivendi took up Telefonica’s offer it would ease the latter’s regulatory position.

However, Vivendi has been busy selling off mobile interests as it repositions itself as a media firm.  Acquiring a stake in Telecom Italia would appear to run counter to this strategy, although the Italian operator does have some media interests.

Vivendi issued a statement in which it acknowledged receiving the offer. The French company emphasised none of its subsidiaries are for sale. However, the board will consider the Telefonica offer at its next meeting, which is scheduled for the end of August, it said.

It’s possible other bidders could come forward, including AT&T or even Telecom Italia itself.

Telefonica’s offer expires on 3 September, unless the Spanish operator decides to extend the deadline or Vivendi accepts the offer.