Earlier, Vivendi picked Telefonica for exclusive talks over the sale of GVT, spurning Telecom Italia's rival bid.

"From the start Telecom Italia has made it clear that it would take a disciplined approach to its strategy in Brazil in order to maximise the value for all its shareholders," the Italian telecoms operator said in a statement.

Telecom Italia said it would continue to pursue its development and investment plans in Brazil in line with its 2014-2016 business plan.

(Reporting by Stephen Jewkes)