Vodafone/acquisitions Target practice

Arun Sarin is signalling he is back on the acquisition trail. But the Vodafone chief executive should tread carefully before getting his cheque book out. Sarin has mentioned no fewer than three types of deal. Each has its pros and cons. First, there is buying control of France’s SFR from Vivendi for perhaps £10bn. Vodafone already has a 44% stake. Taking full ownership and integrating SFR into its European footprint would clearly make industrial sense. The issue, as always with this long-runnin...