Whether or not to persue a merger, when and with whom are a huge decision for CO.
Ofcourse the best possible scenario would be if assets were to become available for CO to acquire, such as..
NWA Narita rights, US Airways LGA slots/terminal, US Airways DCA slots.
If there were to be industry wide consolidation then CO defiently wants to merge with UAL to get access to Narita, Heathrow, Ohare, San Francisoc, LAX, IAD and all those China route authorities.
If not then CO and AS make the most logical pairing.
Similar Corporate cultures and good employee relations.
Complimentary fleets
No overlap of routes
Huge potential to incorporate AS's strong West Coast Domestic operations with CO's International network, especially all those 787 options CO has on order.
AS has a strong hub at SEA which could be a West Coast EWR for a combined AS/CO to Asia, AS's Domestic network and CO's 787s. AS also has a large presence at Portland, a strong presence at LAX and a decent presence at SFO. All of which could become International gateways, there's strong potential at LAX and SFO for International Gateways. AS's Terminal at LAX would need to be replaced or a MAJOR overhaul ala AA's LAX Terminal, there's also potential at SFO with the former Overseas/International Terminal. A remodeling of that facility could support a really nice sized operation.