Air pockets

Is it finally chocks away for airline M&A? Several carriers that have edged recently on to the European runway suggest it might be. Iberia has got a bid from private equity house TPG. Alitalia is for sale and Aeroflot, the Russian airline, is interested. Bmi is being circled by British Airways and Virgin. And Ryanair may have another go at Aer Lingus later this year. The engine noise suggests the sector is on the brink of a major restructuring. Yet will all the excitement actually translate in...