Talks between Vodafone and Liberty Global over cooperation in Europe have collapsed.
The discussions had covered exchanging assets in mobile, broadband and TV in order to compete better in ever-converging markets.
Vodafone, the world’s second biggest mobile operator, had said in June that it was considering swapping some assets with Europe’s biggest cable company.
But earlier this month Liberty’s chairman admitted they were struggling with the plan.
Now both sides have confirmed that negotiations have terminated.
One source said they could not agree on the value of each other’s assets – but that the door remained open for possible talks in the future.