Without endorsing the rumours re EK takeover of QF domestic (cos i don't know), remember that once upon a time Qantas was just an international carrier that ended up being merged with a domestic carrier. So it wouldn't stretch the boundaries of credibility that it may be so again.
If you go down this path, you realistically have to break up the whole group into Domestic, Int'l, Jetstar, FF Scheme, Engineering, Catering etc. This would be incredibly complicated and would throw up some parts of the business worth nothing. For example, if international is as dire as it seems a break up would mean this business is now on its own and the only thing the shareholders could realistically do is hand it back to the govt.
It is fair to say the real value in the group is in domestic and the FF scheme though its value is very dependent on there being a viable int'l business. As a shareholder, I wouldn't trust the current board to get a good price for the domestic franchise. The FF scheme's value is questionable in a break-up and the rest is either negligible or of little worth.