This story surfaces every few months, along with the Link/SAX merger and the Link/SAX/SAA merger. You could make a list of the variables for purchase/buy-out/go-broke of all three and then just tick them off when they surface.
One month, SAX is the one talked about as being in trouble and the next month it is Link. SAA is, of course, constantly in trouble.
South Africa probably has too many regionals for the long term and some merging will take place. But, as the market is still quite young, that may be a few years off. But, in this rapidly changing world, all bets are off. Particularly if the deflation that is now extant in 1st world countries continues for long, my quess is that it will. But please ignore what I say as I am neither in economics or the airline biz!
<snaps fingers> "Hey, Hostie!" <whistles between his fingers> "Bring us another brandy and coke!"