Vodafone: Staying the course

Red alert! Vodafone is on the acquisition trail again. The global mobile operator, which spent dozens of billions on deals during the bubble, has just spent another £2bn on two eastern European carriers. Sure, this may be small beer. But isn’t it taking Vodafone in the wrong direction? After all, the chit-chat in some parts of the City is that the group really ought to think about breaking itself up. Vodafone currently has little to show in the way of synergies from all its wheeling and dealing...