Now this makes more sense - VOD is a buyer of assets as much as it is a seller:
"Vodafone’s readiness to accept a lower rating -- which may result from taking on additional debt -- means the company isn’t under pressure to sell its 45 percent stake in U.S. venture Verizon Wireless, Citigroup said in the note. The U.K. carrier had examined a potential bid for Germany’s Kabel Deutschland Holding AG (KD8), valued by the market at 6.2 billion euros ($8 billion), though the plan was put on hold after leaks of a potential offer, people familiar with the matter said last month.
Chief Executive Officer Vittorio Colao said last month he’d be interested in expanding the company’s network to offer bundles of voice, Internet and mobile service across Europe."
My view is that I'd like to see VOD hold VZW and not pay a huge value-killing tax. If they sell VZW, they may buy far less attractive assets with the cash. They already have huge exposure to the imploding EU economy. Why not keep a big cash generating and growing stake in the prime US wireless firm along with its ROW investments in fast growing Africa and Asia.