The savings seem to be wildly overstated, unless these airlines are planning a big fleet increase (beyond what QF has already ordered). Synergies from common ground handling generally run in the millions but not tens or hundreds of million. The aircraft leasing spinoff hinted at might have some clever depreciation or currency play that does "save" hundred million+, but in that case it is really a hidden subsidy by the gov'ts involved and may well be challenged by Virgin. Presumably QF is expecting that, hence their line that the savings are all going to the pax as lower ticket prices and none of it is going into QF group earnings as profit