When Vittorio Colao told an investor conference last week that Vodafone’s board was “re-looking” at its minority stake in Verizon Wireless, its US mobile joint venture, ears pricked up. Vodafone suggests its chief executive’s comment were not a signal that the world’s largest mobile group was about to change its US strategy. Still, given the recent telecoms consolidation, questions are growing over what it should do. The answer is: wait.