As more and more suitors express their inability to increase bids any further, Telefonica and Vivendi have emerged as sure winners in the GVT takeover race, and after raising its current bid further by 5.2%, Telefonica seems to have taken over its French rival by a substantial margin. GVT, which is Brazil's fourth-largest high-speed Internet provide, reported the biggest slump in its voting shares since August recently.

The way things are progressing right now, it is possible that GVT would seal the deal with Telefonica early next week, as French media giant Vivendi's $3 Billion friendly bid has not been formalized yet.

As per Telefonica's latest offer, each GVT share has been priced at 50.50 Reais, which would value the whole deal to nearly $3.9 Billion. This is a substantial increase from the 48 Reais, $3.7 Billion, offered earlier. "It looks very unlikely that any other suitor would be ready to outmatch Telefonica's offer at this point, so in my view, GVT shares should begin converging with the Telefonica offer", said Alex Pardellas, an analyst with Banif Ixe in Sao Paulo.

Anatel, Brazilian telecom watchdog, on Thursday hinted that Telefonica might proceed with its GVT take over next week, but "under a series of restrictions". The firm is doubtful that Vivendi would come up with a better offer.