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Pointless Shareholder Activism, Pardus Edition
The problem with airline mergers is not that people think they're a bad idea. Not at all: pretty much every airline-industry executive in America thinks that consolidation in the industry is inevitable and a great idea in theory. But the practical obstacles that need to be overcome to effect a successful airline merger are enormous, and it's far from clear that a company which can't even operate its own flights efficiently will magically acquire the management abilities needed to merge with a former rival without destroying billions of dollars in value. So what is Pardus Capital Management achieving by getting all shareholder-activist on the management of Delta and United, telling them that they should merge (yes, they know that already), without telling them how? The Epicurean Dealmaker, for one, would like to know – and I can assure you that his blog entry is far more entertaining than Pardus's letter to Delta.
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