This is the 2 billion dollar question... a merger is needed (...

This is the 2 billion dollar question... a merger is needed ( with Vodaphone the majority shareholder) so that Vodaphone can carry forward some 2 billion dollars worth of losses into the merger, so that the new entity will pay no tax until it makes 2 billion dollars profit. This is a significant item in the merger and would be unavailable in the jv scenario. One wonders if this is a factor in a government department opposing the merger ... every extra 2 bill helps the surplus!!

BB.