[Horizon]

Pierre,

On Vodafone, it already has nationwide fibre infrastructure linking all their masts together. Whether they want to buy the altnets at the moment, who knows. But looking at their competitors, they are the only mobile co without an existing consumer landline network. I don't believe they will remain a standalone mobile co forever.

On VM, it's already got this offshoot company installing fibre all over the place. At some point I reckon VM will fully split into two companies (which already now exist) one being a consumer facing co and one a network company, including the 02 stuff.

On Comcast, no, I don't think Comcast will buy Liberty. Not now. Perhaps a few years ago, but not now. Liberty is clearly being wound down, so I reckon Comcast might bid for the network part of what we currently call VM.

And further, I don't think Comcast and Sky will be part of the same company.