A bit simplistic, I think. Swissair was in great shape until 1998. Since then, it is difficult to separate the Swissair activities from the other investments.
The need for synergies and consolidation depends on what the strategic objective is. If the objective is TWD (Total World Domination), consolidation is essential. If the objective is "to be viewed as the airline with the best service in the world", while returning some % on shareholder equity, consolidation is irrelevant. As I reflected some time ago, the Swissair Mission statement is/wan unclear. TWD by controlling foreign airlines? I think not. "To be viewed as the best service..." Nope. So what?
Momo