As well as possible consolidation in its home market of the UK, Vodafone is also embroiled in M&A speculation in Spain and Italy – both very competitive markets with at least four MNOs and increasing convergence between mobile, fiber and TV operations. But Vodafone has rejected a bid from Iliad, the French group that owns Italy’s fourth MNO, as being insufficient, and it may lose out to Orange in Spain, where it has been dancing around the fourth MNO, MásMóvil. Despite repeated reports of talks between Vodafone and MásMóvil, the smaller firm is now making plans with Orange to create a 50:50 joint venture in Spain, according to Reuters. There is little detail known so far, but ownership would be…