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Liberty Global buys and sells its way out of trouble in Europe

You know something is wrong when you have to put lots of index marks in your first paragraph to explain your results, and Liberty Global did its usual, citing rebased Operating Cash flow and excluding Ziggo from its numbers to gloss over a poor 2016 that left many questions. However, you have to have some sympathy with a company that reports in dollars, and has much of its revenue in other currencies, and a big chunk of it in the UK where Brexit has made a joke out of the British Pound. One answer that Liberty Global definitively found was to merge its underperforming Netherlands subsidiary Ziggo with Vodafone and drop it out of the headline figures. Ziggo proved a…

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