Yep -- VZ's best bet would be to buy the 45% of VZW that it doesn't own. But VZ would have to borrow a lot of money to do it for cash. It wouldn't make sense to buy it from VOD over time because they would have to pay more than VOD will earn just holding their share. It would take some creative deal making to get it done.
Meanwhile, VZ could be buying its stock back. T bought in 6% of its shares in 2012 -- saves them $700 mil of dividends and raises EPS.