Still, analysts said these deals, merely by putting the companies into play, could lead to changes.
The deal could also lead to layoffs at the two airlines, which each have about 3,000 employees.
That deal has led to decidedly mixed results for both men.
Not every holding deal has led to a spot in late night.
Capital One expects the deal will lead to savings of about $275 million, most likely from back office operations.
Instead, the deals led to double-digit sales increases during the fall.
While the deals led to record industry sales, buyers quickly disappeared once the offers were gone.
It was not clear last night whether the deal would lead to lower electricity rates.
Dan Adler, investment manager at 3i, said the deal would not lead to any job cuts on either side.
Northern said the deal would lead to over $70M of new manufacturing.