o.k. consequences: Swiss is now a well functioning part of the LH Group and the Star Alliance. A lot of pilots/employees got employed by LH based on the negotiations for the take over.
EK, EY and QR dont need an Alliance as they are in an Alliance with their governments, something not allowed due to the competition laws elsewhere!
They wouldn't get away with their "business model" in any civilized country!
IMHO EK and EY are going to be in an Alliance sooner or later if they are de facto not already are!
I cannot prove any of that but looking at the way business is done in the UAE it should be easy cover that with some of the usual "creative bookkeeping"
After all this is a rumour network, isn't it?