Everytime we hear a story about mergers and acquisitions in the Telecom industry we get excited by the strategic opportunties. There will be economies of scale we hear, there will be new marketing critical mass created we hear, and of course there will be huge benefits to the consumer base from more integrated services, etc., etc., . This weeks story of the potential merger between Vodafone and T-Mobile in the UK is a classic example. The headline stories are the potential $5bn price tag and the...