So who are the likely candidates (in the UK market at least)?
BA and Iberia (if they can swallow the BA pension deficit elephant in the room)
BMi/Lufthansa already done?
TCX/MYT - 3 years ago
TUI/First Choice - 3 years ago
Virgin - think they are bobbing along on fine, would Branson's ego allow a merger?
So who is left?
Charter:
Monarch, Jet2
LoCo's:
Baby, Flybe
Will Ryanair or Easy have the liquidity to gobble up a few competitors either here or on the continent, if so who are in their sights?