MADRID: Spain's Telefonica said on Thursday it had launched a new bid for Vivendi's Brazilian unit GVT worth 7.45 billion euros ($9.84 billion) to be paid in cash and shares.

The offer is above Telefonica's initial 6.7 billion euro bid for GVT and a 7 billion euro counterbid from Telecom Italia.

In a statement, Telefonica said it would pay 4.66 billion euros cash and offer Vivendi a 12 percent stake in the new group to be created in Brazil from the merger of GVT with Telefonica Brasil.

It also offered Vivendi an option to buy an 8.3 percent stake in Telecom Italia.