Action ended 21:33:45: ProcessComponents. Return value 1.
Action 21:33:45: StartCache. Starting cache of cabinets to local installation source
Action start 21:33:45: StartCache.
StartCache: Error 0x80070002: failed to get download: 90A40409-6000-11D3-8CFE-0150048383C9
Action ended 21:33:45: StartCache. Return value 3.
Action ended 21:33:45: INSTALL. Return value 3.
Action ended 21:33:45: ExecuteAction. Return value 3.
Action 21:33:45: TheFatalError.
Action start 21:33:45: TheFatalError.
I ended up cleanning two registry keys which finally made it work:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Office\11.0\Delivery\90A40409-6000-11D3-8CFE-0150048383C9
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Office\Delivery\SourceEngine\Downloads\90A40409-6000-11D3-8CFE-0150048383C9
Hopefully it will help if you run into the same problem.