Good point, the two have a joint management company, they are not actually a merged airline.
In essence, the synergies will come from management practices and joint procurement, the two airlines still have their own headquarters, chief execs and employee contracts etc.
Which is, of course, why all the attention from an IAG perspective is currently being focussed on Iberia and not BA, which is nicely making money...
So you have 3 sets of management rather than 1.......Yup that always works.
