[Horizon]

I'm sure the Vodafone board have the stomach for a deal, but what they might not have the stomach for is Malone's loading debt onto more debt to pay for things. Vodafone don't believe in leverage.

It's clear Malone wants the deal as part of his ambition to create a global media giant, it's just whether Vodafone will tolerate his way of doing things. Of course, they could take the lead and merge his operations in with theirs.