Vodafone chief executive Mr Chris Gent has cast fresh doubt on whether French media group Vivendi would sell its stake in Cegetel in the current depressed telecoms market.
Sources said last week that Vivendi Universal and Europe's largest mobile phone operator had held friendly talks about Vodafone buying the rest of Cegetel, which controls 80 per cent of French mobile phone operator SFR.
"It will depend on whether what we can make available is of sufficient interest to Vivendi," Mr Gent said. "We have discussed the issue and I have to say my own view is that in current market conditions, this might not happen".
"Vivendi might decide telecoms are so important to their strategy that they will dispose of other matters. I have no idea what the outcome will be of that," he said.
Vodafone already owns 32 per cent of SFR through a 15 per cent stake in Cegetel and a 20 per cent direct holding. The British company has repeatedly said it would like to control SFR entirely, though not at any price.
Mr Gent also played down the possibility that Vivendi might sell SFR separately.
Vivendi is holding a board meeting on September 25th to review bids for its publishing business and to hammer out a strategy for any further disposals.