With no inference to the health of Air Wales 'merge' is the wrong word to use. No company will merge with another that is sick unless it has something of unique value to offer - it just doesn't happen in business guys.
What is best married together is not determined by who flies ATR's, Jetstreems, Boeings etc either, but by the numbers at the bottom of the balance sheet and profit and loss accounts.
As one of the founders of Air Wales my best wishes to all the staff, may this not be true and may they still be around as an airline for many years to come.