Although the owners of the Spanish cable operator Ono have agreed amongst themselves to list the company on the stock market they are also reportedly now close to a deal to sell it to Vodafone instead.
Ono sells fixed and mobile phone, TV and internet services.
Vodafone meanwhile is building up a portfolio of landline assets across Europe, tapping into consumer desires for multiple services from a single provider, and lower company valuations in the current economic climate.
Vodafone has been trying to buy the company for some months at least, but the two sides have not been able to agree on a price.
Vodafone is said to have raised its offer to EUR7.2 billion (US$10 billion), but there is still a debate about how the company's EUR3.3 billion of debt will be accounted for.
The decision by Ono's shareholders to list the company on the Madrid stock exchange may have pushed Vodafone to improve its offer, as reports suggest that the talks are still on, and a deal is close to being signed.
"The final details of the bid are being negotiated, for now Onohas delayed the presentations linked to the IPO to give breathing room for the negotiations, and a preliminary agreement could even be reached by the weekend," an unnamed source told the Reuters news agency.
If a deal cannot be agreed, then Ono will be listed on the Madrid stock exchange in March.
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