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Three-way calling is still awkward. Yet Verizon Communications, Vodafone and AT&T are (reportedly) trying anyway. Rumours suggest that AT&T has picked up the phone to jointly bid with Verizon Communications for all of Vodafone – with Verizon taking Vodafone’s stake in Verizon Wireless and AT&T getting Vodafone’s European wireless assets. But the two Vs don’t require a third voice to sort out custody of Verizon Wireless. Their best option remains a standard stock merger of equals.