Shares in Vodafone fell nearly 2% on Friday as the company quashed hopes of a merger with Liberty Global.Responding to recent media speculation, Vodafone said on Friday that is in early-stage talks with Liberty Global about a possible exchange of assets, but not regarding a merger."There is no certainty that any transaction will be agreed, nor is there certainty with respect to which assets will ultimately be involved," said Vodafone.On Thursday, Bloomberg reported that Vodafone and Liberty were discussing a range of potential transactions, including an outright merger."Investors are clearly dissatisfied that a merger has not materialised despite talks with Liberty Global," said Brenday Kelly,head analyst at London Capital Group.