I think BUSDRIVER is on the money. My info says it will more likely be a Jetstar takeover of Valuair - with a new airline to operate under the Jetstar Asia banner.
Makes sense as I can't see QF so easily conceding on this one, even if they are bleeding very badly...
This will be achieved by either Jetstar purchasing 49% of Valuair or the 49% may even come direct from Qantas.
If this is the case, the interesting route to watch will be Valuair's Singapore-Perth service...