By Ed Ballard 

LONDON-- Vodafone Group PLC confirmed Friday that it is in early-stage discussions with Liberty Global over an exchange of assets.

Europe's largest mobile operator confirmed the talks in response to media reports about a deal.

"There is no certainty that any transaction will be agreed, nor is there certainty with respect to which assets will ultimately be involved," the company said.

Vodafone stressed that a merger of the two companies isn't under consideration.

Write to Ed Ballard at ed.ballard@wsj.com

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