Vivendi may need to rethink the sale of its Brazilian telecommunications unit. The French company is courting top names to unload GVT for some $9-billion (U.S.). But Telecom Italia and Brazil’s Grupo Oi are too leveraged to afford Vivendi’s jewel. And Brazilian regulators could deny Mexican monopolist Carlos Slim’s America Movil a bigger role. With a full sale tough to achieve, returning GVT to the market may make more sense.