Vodafone shares dropped on Wednesday after talks of a takeover were denied.
Speculation of a joint bid by US telecomm giants Verizon And AT&T had seen the British firm's shares reach a 10-year high this week.
Although Verizon ruled out a takeover for now, it still has eyes on Vodafone's share of their joint venture Verizon Wireless.
SOUNDBITE (English) VERIZON COMMUNICATIONS STATEMENT, SAYING:
"As Verizon has said many times, it would be a willing purchaser of the 45 percent stake that Vodafone holds in Verizon Wireless. It does not, however, currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others."
Verizon Wireless is the largest mobile network in the U.S.
Vodafone's minority stake is worth around 115 billion dollars.
Hopes it'd sell has seen its shares rise more than 25% this year.
But it could bring with it a hefty 20 billion dollar tax bill - a stumbling block that could prove difficult to budge.
Verizon hangs up on Vodafone takeover rumours (1:06)
Vodafone shares drop after reaching a 10-year high on Tuesday as US telecomm giant Verizon denies rumours of a takeover. Ivor Bennett reports. ( Transcript )