[Pierre]

It's interesting and a different proposition from earlier rumours where a takeover of Liberty by Vodafone was mooted.

Here they are talking of spinning off the European operation from their global operations. The article says that this would value the Vodafone European operations at 30million, which is much, much less than Liberty. Liberty bought just VM for 23million.

This is basically Malone taking a punt out there and getting any potential deal on his terms.

It could happen, but it would depend if the Vodafone board have the stomach for it as it would essentially be Liberty buy out of Vodafone, not the other way around.