FRANKFURT - New solar installations reached a fresh record of 7.5 gigawatts (GW) in Germany in 2011, playing into the hands of advocates for steeper cuts in tariff subsidies to reduce growth of solar power and the resulting higher costs for consumers.
Credit Suisse, Goldman to advise GVT on takeover
SAO PAULO |
SAO PAULO (Reuters) - Brazilian telecommunications company GVT GVTT3.SA hired the local investment banking units of Credit Suisse (CSGN.VX) and Goldman Sachs (GS.N) to help it respond to takeover attempts by two global rivals.
Both banks would act as consultants to the Curitiba, Brazil-based company in the unsolicited bid by Telefonica (TEF.MC) and "other rival offerings or transactions," GVT said in a regulatory filing on Wednesday.
"The goal of this is to advise the board of directors in this process to maximize shareholder value," it added.
GVT said in September it was approached by French media giant Vivendi (VIV.PA) for a possible combination. Telefonica launched an unsolicited $3.7 billion takeover bid for GVT, outmatching Vivendi's proposed $3 billion offer.
Both companies see GVT as a perfect fit to capture high-usage and high-margin customers in Brazil, Latin America's largest telecommunications market.
GVT rose 0.5 percent to 49.50 reais on Wednesday. The shares have almost doubled this year.
(Editing by Steve Orlofsky)
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