Well, I guess that private funding for the new carrier has been found then, or will they use Belgacom, SNCB, La Poste, Belgocontrol etc. as main investors?
I don't think this Swissair/Crossair look-a-like-scenario is what the EU commission had in mind when talking about a consolidation in the airline industry. Sure, the new carrier will drop some of its routes, but which carrier doesn't do so right now? And the fact that things like hotels, catering and cargo are sold isn't a big step forward eighter.
However, what they will do about it, I don't kwon, since this all sounds like a self fulfilling scenario, which does not need EU approval. It all evolves naturally from the bankruptcy of the old Sabena.
If The Belgian government can get away with it, we might see a whole bunch of 'new' carriers in Europe over the next years:
-) Olympic AirLINES
-) AIR Lingus
-) AIR Italia
-) Portugal Air Transport
you name it...