“We haven’t been able to figure out a way to do that that’s mutually successful,” he said.
Part of the complexity of any deal involved a potential de-rating of any spin-out from the asset swap, plus the limited amount of cash Liberty could stump up to finance a deal, according to Royal Bank of Canada.
“This probably is the end of the deal although some have speculated whether Sky and Vodafone could do something,” one Vodafone shareholder told the Standard.
But City analysts were still bullish a Vodafone-Liberty deal would go ahead at some stage, hinting a full-blown merger between the two firms could be on the cards.
Cable Cowboy: John Malone
Paul Sakuma/AP
“Today’s statement does not prevent discussions re-starting at any stage. We think investors may come to believe that it represents a delay, not the end of the process,” Jefferies analysts said.
Any deal would be the latest in a long line of takeover moves by serial M&A man Malone, a long-time rival of Rupert Murdoch.
This summer he took over Time Warner Cable for $55 billion.
