Oh my sainted aunt!
If QF is cashed up, how about either retiring debt, investing in its fleet or staff, or giving it back to the poor forsaken shareholders who own it?
The last thing QF needs is a merger! There is nothing a merger can do to add value, unless QF can find some airline that is even worse managed than itself and can buy it for a song and polish it up to Qantas's own low standards and sell it!
For God's sake, look at what BHP did with Magma Copper! Watch the share price fall today.