Arun Sarin, the chief executive, who has recently adopted a cautious approach to new acquisitions, said that if 3’s European assets went up for sale “then we would look at them”.

Mr Sarin said that the time “may be ripening” for consolidation in markets such as the UK, and 3 “would be one candidate” that looked vulnerable. Analysts value 3 UK at about €4 billion.

Vodafone’s apparent willingness to act as market consolidator overshadowed a forecast-topping set of results for the six months to September 30. Excluding an £8.1 billion writedown on Vodafone’s German and Italian businesses, which pushed the group to a pre-tax loss of £3.3 billion for the half, the company reported a pre-tax profit of £4.8 billion.

Earnings before interest, tax, depreciation and amortisation (ebitda) rose 3 per cent to £6.24 billion, against a forecast range of between £5.98 billion and £6.19 billion. Investors were also cheered by Vodafone’s reassessment of its tax rate, with its longer-term effective rate now expected to be in the low-30 per cent range, rather than the mid-30 per cent range previously expected.

In his first set of results since investors holding 15 per cent of Vodafone shares refused to back his re-election, Mr Sarin said that the group was also on the lookout for acquisition opportunities in emerging markets. Asia, South Africa and Eastern Europe are target areas. He emphasised, however, that any acquisitions would need to meet strict financial criteria set out by the group in May as part of its new strategy.

Analysts have long speculated about the future of 3’s UK business. particularly since the group’s owners, the Hong Kong- based Hutchison Whampoa, failed to pull off a planned flotation of its Italian business. A successful float would have paved the way for a listing of the UK business. A spokesman for Hutchison Whampoa said that it had no plans to sell any assets.

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