Vodafone has confirmed it is in talks with cable company Liberty Global on an asset exchange.
There has been long-running speculation about Vodafone potentially merging with or buying out Liberty Global – Europe’s largest cable operator and the owner of the UK’s Virgin Media.
A report from Bloomberg on a tie-up on Thursday sent shares in both companies soaring.
But Vodafone said in a statement: “There is no certainty that any transaction will be agreed, nor is there certainty with respect to which assets will ultimately be involved.”
The mobile operator’s shares fell in early Friday trading after the statement.