Phewww, this is getting confusing.It isn't about synergies, it's about "rationalizing" the industry. A merger eliminates a competitor, that alone is worth a ton of cash.
I thought the thinking was AA+LCC was a great deal because there was little overlap. You know, east coast presence, CLT, blah blah blah.
I'm starting to see the world through some LCC coated glasses.... Take two high cost, low/no profit airlines, put them together, get out some paint and 'viola! DAL+1% !