[Horizon]

The Vodafone board did say last year that the UK was not that important to them in the great scheme of things, and to merge with Liberty on the basis of making Virgin Media stronger, was not something they were interested in.

This time round, the media are reporting that Vodafone's shareholders are pushing for a deal with Liberty. So if they want it, it will happen, but I do think Vodafone will split into two with one part merging into Liberty and the other part remaining separate.