In the five years since quitting the American market, Vodafone has struggled to form a coherent whole from its disparate parts. Back then, investors had much to celebrate. Vittorio Colao, now its ex-boss, was poised to hand more than £50 billion to shareholders after selling its 45 per cent stake in America’s largest mobile phone network. According to the Italian, the future was bright; the remainder of the near-£80 billion Verizon Wireless proceeds were used to trim debt and invest in cable broadband.
Mr Colao’s successor could be forgiven for ruing such generosity. Nick Read, a former chief financial officer who took the reins in October, must wish that the company had paid off more debt when it had the chance. Right now, he’s battling