No, I don't think Flybe will be snapped up by Air France - my understanding of the way the Flybe board want to do things is that if they're to be taken seriously by investors - they need to demonstrate that the UK's largest regional airline can apply its model into Europe.
The board firmly believe this will work (listening to Jim French's piece this morning on the BBC website), and if it is successful it won't be long before we see an IPO and Flybe Ltd on the stock market.
Flybe have some smart folk down in Exeter and I expect this be another impressive, forward-thinking decision that's going to make for some interesting times in the next few years.
Now.... where's my E175 bid form.....