Vodafone and Hutchison will combine their UK businesses. It’s globally a good deal over the long term but it won’t have any positive impact on Vodafone’s cash flow before 2026. Therefore, the question of whether Vodafone will be able to maintain its dividend of €9cents for the financial year 2023/4 remains open. We remain at Buy on the stock but for the time being we don’t see any catalyst in the short term.