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(Updates to reflect VOD share price turnaround)
** Mobile operator Vodafone's shares down nearly 2pct after co confirms it is in talks with LibertyGlobal
** Co says talks do not extend beyond creation of a JV inthe Netherlands
** "Today what you see is the market reaction of some of thebullish investors that were hopeful of a much biggercombination, but it doesn't prevent it from happening longerterm," says Stephane Beyazian at Raymond James
** Bloomberg earlier on Tuesday reported talks, which werescrapped last year, restarted at the beginning of this year
Link: http://bloom.bg/1POTySM
** Shares rose as much as 3.3 pct after report beforefalling
** Liberty Global's stock falls 0.5 pct in New York;Vodafone's Nasdaq-listed shares fall 2.7 pct
** KPN, Netherlands' largest mobile operator, down1.9 pct
** Liberty Global was not immediately available to comment (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net,paul.sandle.thomsonreuters.com@reuters.net)
