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Vodafone and Liberty Global have disappointed the market by not merging to form a £100bn global telecoms powerhouse, but merely discussing swapping some assets. Lex's Robert Armstrong and Oliver Ralph discuss what parts of the businesses the two groups might swap.

► FT Business: http://bit.ly/1KUK08s

► FT Global Economy: http://bit.ly/1J5mmqH

► Does Swisscom Need To Sell Vodafone: http://bit.ly/1QGymEU