France's Vivendi SA (VIVEF, VIV.FR) is studying a new offer for Brazilian telecommunications operator GVT Holding (GVTT3.BR), responding to a rival bid from Spain's Telefonica (TEF, TEF.MC), local business daily Valor Economico reported, citing people close to the deal.

In September, Vivendi made a bid worth as much as 5.4 billion Brazilian reals ($3.2 billion) for the alternative telecom operator. But, two weeks ago, Telefonica responded with a bid for BRL6.2 billion.

Vivendi will also consider forcing controlling shareholders to honor an agreement to sell a 20% stake to the French firm, making them key minority shareholders if the Telefonica bid is successful, said the report.

No single group of shareholders has a majority stake in GVT.

Vivendi executives were not available for comment at the time of publication.

Investors priced in the possibility of a new offer for GVT last week. On Friday, the shares closed at BRL49.50, above the BRL48.00 per share offered by Telefonica.

Early Monday, GVT announced that Vivendi had completed due diligence into the Brazilian firm.

-By Alastair Stewart, Dow Jones Newswires; 5511 2847-4520; alastair.stewart@dowjones.com