Let's be blatantly honest people.
The only reason that Air NZ is even existing today is because the NZ govt re-nationalised it and has been footing the bill for the past 12 odd months.
The government doesnt want to keep doing so, the airline may be supposedly profitable (although I would say they may have learnt from the Ansett accountants or the kiwi that reackoned that Sir Selwyn Cushing actually did due diligence on AN!!).
They will be requiring a new capital injection which the NZ economy just cant afford, Singapore has had their fingers burnt in a major way and the yanks are in severe financial strife.
Forget the euros investing as they have no real need let alone desire.
I dare say that if a merger will boost the Air NZ flagging share price then all the chest beating and anti-aussie sentiment may evaporate and besides guys, its only a 20-25 % shareholding.
Isnt it?????
The alternative will be regretful to all Air NZ employees if it is left wallowing aimlessly and becomes an under-capitalised and marginalised regional operator.
The alternative is increased taxes which the Helen Clark govt will not tolerate.
I would say it just may be a done deal unless the true interested parties will show their cards and to date this just hasnt happened.