Seems the idea of a merger is no longer a must from SN side as can be deducted from the way in which they set out their stategy without taking to VEX (new name, livery, fleet, routes,...).. .We all knew a possible merger would never really be out of 'love', yet now it seems SN thinks they are able to survive on their own as they are currently doing better then expected at this early stage. (load factor stayed above 50% for the whole last week for instance). With this in mind they may expect to break even in August already.
Still I think that in the end they will work together, but then not as 2 equal carriers going together as VEX hoped for for a long time, but as one carrier (SN) taking over the other (VEX)...