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I think the impact on VS is much greater than BA. VS is now effectively isolated. The public statement by VS offering a deal with LH was odd - very unusual for a company to make an approach in such a public manner instead of behind closed doors.
The very fact that VS made a public offering to Lufty, which as many others have stated is both unrealistic and unusual, is a clear realisation that they are now floating on a very small peice of thin ice!!.
It will surely be most embarassing to their legal team who are spending vast amounts of Virgin money to stop BA/AA/Iberia tie up !!!!!