VZ's share price has been driven up by speculation that VZ will buy VOD's partnership interest. I do not see that happening when you consider that 70% of VODs profits come from the partnership.
There is not much of value in VOD without the partnership profits. Sure, they can buy somehting with all that cash, but I am not sure what that would be.
Rather than VZ buying VODs partnership share, we should consider VOD acquiring VZ. This would be an interesting twist.