Sunfish,
I can't see it happening.
Almost all the hedge funds (for various reasons) are offshore registered, which means acquiring 100% of Qantas is impossible thanks to foreign ownership restrictions.
If you look at what is going on offshore, everyone now seems to be following the Qantas/Jetstar model (granted the early failure of BA/Go) but you now have AirCanada/Rouge, IB/Vueling, Lufthansa/WINGS(launching 2015 and inc GermanWings), AirFranceKLM/Transavia&Hop! All are doing it for similar reasons to Qantas.
Finally, whilst the international Jetstars are presently losing money, if you look at the marketcaps of the various AirAsia units that have floated - the market is paying value for these units.
Not to say that I don't think there is a huge amount of waste in QF Group, or that mainline wouldn't benefit from better branding (am hopeful that the soon to be launched new A330 product will help)