Where is the value for AF/KL in taking over IB ?

IB is a big regional player to South America, a minor player to the US and a non-factor to Asia at all. Hence the EU would likely not intervene much for North American and Asian cooperation and considering the competition on many Intraeuropean trunk routes, it would be also a non factor.

CDG and AMS have capacity left and AF and KL should be able to fill their own long haul routes into South America with their dual hub strategy, so although some small South American markets are very high yield, I do not see why they should cope with an airline with a lot of problems on their agenda...

If we look at it from a grand scale however, I am sure Airbus would love such a move and I am also pretty sure that the Spanish Government would love to see their carrier survive under a AF/KL umbrella...

With the resurrection of Ferrovial as a major player in the airport/handling business however, I definitely see more consolidation within Europe in all sectors, so IB might be part of a acquisition soon.