Vivendi To Pay $88M To Settle Brazilian GVT Probe

Law360, New York (December 10, 2010, 1:42 PM EST) -- France's Vivendi SA on Friday announced that it would pay 150 million reais ($88 million) to end an investigation into alleged securities violations in its purchase of Brazilian telecommunications company GVT.

Brazilian regulators had accused Vivendi of misleading investors and rival Telefonica SA, a Spanish telecommunications company, by purporting to control GVT before it had actually purchased the needed 40 percent stake in the company.

"This settlement does not imply the acknowledgment of any wrongdoing by Vivendi," the company said in a statement Friday.

Vivendi approached...
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