Probably more like what Wesfarmers is doing with Coles, spin it off. Jetstar is really now at the scale and level of profitability where it should be demerged and managed as it’s own.
The only thing stopping that is Qantas is not and has never been in what should be the best interests of shareholders. Especially under the current regime, could not give two hoots about its shareholders. They seem to be more interested in incentivizing each other on how well the pissing contest with Virgin goes.