Karen said "I think Nick Read sounds too confident with regard to the UK. There is a bit more acknowledgement to balance investment and returns, but I think that the appetite for consolidation is still quite weak.
"It is hard to think how Three UK is going to thrive or even survive without such a deal, but I don't think it is there for the taking in any stretch of the imagination."
Karen believes Vodafone's heavy debts are a key reason that it is eyeing merger opportunities for Vantage Towers, the mobile masts operator that was carved out of the business in a move that could pave the way for Vodafone to sell down its 82pc stake.