Bend, how high ? Well, as high as the political equation goes. I bet (in the current era) Scotty Morrison would refrain from dealing with anything below Mining and Technology. In the era of my example ... Bloggs and his Metros (and the financiers) are purely hypothetical, old boy !
This does allow some interesting wargaming, however.
Scenario - it is not an aggressive operator who initiates the Metro hypothetical, but the CASA Man himself who acquires some elementary golfing skills and sends out the feelers, motivated by a need to simplify his control of the industry and get rid of flying wrecks and their numerous operators. I have mentioned 'benefits' in my post above; are these benefits in any way devalued by the fact that regulatory rather than commercial maneuverings would eventually lead to a more generally beneficial end-state ?
Lead Balloon will possibly be asking if such action is ultra vires - 'beyond the power' wrt the CASA Man as an individual person and/or as a statutory entity.