????達(dá)美航空（Delta）謀求收購(gòu)維珍大西洋航空（Virgin Atlantic）之舉可能是個(gè)天大的錯(cuò)誤,。雖說(shuō)投資一家航空公司在任何時(shí)候都是有風(fēng)險(xiǎn)的,，不過(guò)在今天看來(lái)，與維珍大西洋航空聯(lián)姻對(duì)于達(dá)美航空來(lái)說(shuō)顯得尤其不明智,。這筆交易有可能危害達(dá)美航空的市場(chǎng),，并且違反達(dá)美航空與歐洲合作伙伴簽訂的反壟斷協(xié)議，同時(shí)在這個(gè)過(guò)程中又會(huì)花掉大量現(xiàn)金,。另外,，這起收購(gòu)還會(huì)給達(dá)美航空帶來(lái)兩重額外的威脅，首先它會(huì)面臨更嚴(yán)格的政府監(jiān)管,，同時(shí)維珍航空的創(chuàng)始人,、充滿傳奇色彩的理查德·布蘭森爵士也不是省油的燈，因此這筆交易的風(fēng)險(xiǎn)大于任何它可能帶來(lái)的利益。

????新加坡航空公司（Singapore Airlines）本周一在一份簡(jiǎn)短的聲明中宣布,，將出售其持有的維珍航空49%的股份,。消息傳出，市場(chǎng)并沒(méi)有太過(guò)驚訝,。新航與維珍航空的合作始于1999年,，不過(guò)由于新航的這筆投資賠得很慘，因此新航不得不在財(cái)報(bào)中一再把這筆股份的價(jià)值寫(xiě)低,。一開(kāi)始這些股份的市值為16億美元,，到了今年，其價(jià)值基本已接近為零,。

????至于新加坡航空與維珍的聯(lián)姻為何以失敗告終,，坊間總結(jié)的各種原因很多。新航希望通過(guò)這筆投資能夠使它在航空業(yè)最有錢(qián)賺的領(lǐng)域——也就是美國(guó)和歐洲之間的洲際航班上占有一席之地,。不過(guò)雙方都未能達(dá)成任何有意義的合作協(xié)議來(lái)實(shí)現(xiàn)這個(gè)目標(biāo),。實(shí)際上，雙方真正實(shí)現(xiàn)班號(hào)共用還是去年的事,，而這種合作10年之前就應(yīng)該開(kāi)始了,。

????多年尋找下家無(wú)果后,，新航的惡夢(mèng)或許終于可以結(jié)束了,。因?yàn)檫_(dá)美航空對(duì)維珍航空拋出了橄欖枝。維珍航空最吸引人的資產(chǎn)是它的跨大西洋航線,。它十分有利可圖,，尤其是紐約飛倫敦的航線。維珍航空在倫敦的希思羅機(jī)場(chǎng)擁有一些極有價(jià)值的機(jī)位,，早已令達(dá)美航空覬覦已久,。一般認(rèn)為，維珍航空會(huì)將這些機(jī)位轉(zhuǎn)讓給達(dá)美航空,，讓達(dá)美借助這家英國(guó)航空公司的力量,，把它的帝國(guó)版圖擴(kuò)展到歐洲。

????對(duì)達(dá)美航空來(lái)說(shuō),，這似乎是理所應(yīng)當(dāng)?shù)淖龇?，但這筆交易的麻煩其實(shí)很可能大于它的價(jià)值。首先,，如果達(dá)美航空想在希思羅機(jī)場(chǎng)更有作為,，它還不如從另一家航空公司那里買(mǎi)機(jī)位，因?yàn)槟菢痈阋艘哺菀?。何況維珍航空為什么要把它的機(jī)位轉(zhuǎn)讓給達(dá)美航空呢,？德勤會(huì)計(jì)師事務(wù)所（Deloitte）指出，與大多數(shù)媒體報(bào)道的恰恰相反,，維珍航空在希思羅機(jī)場(chǎng)的機(jī)位并沒(méi)那么多,，它只擁有該機(jī)場(chǎng)3%到5%的機(jī)位，并且全部自用,，而且大多數(shù)航線也是達(dá)美航空自己也運(yùn)營(yíng)的航線,。不妨問(wèn)問(wèn)新加坡航空從維珍航空那里獲得了多少個(gè)機(jī)位——答案是零,。最近新加坡航空需要在希思羅機(jī)場(chǎng)為一趟新航班配置一個(gè)機(jī)位,，結(jié)果它還是從南非航空（South African Airways）那里買(mǎi)的。

????至于旅客轉(zhuǎn)機(jī)的情況又如何呢,？有人認(rèn)為維珍和達(dá)美應(yīng)實(shí)現(xiàn)班號(hào)共用,，讓維珍航空的旅客在約翰肯尼迪機(jī)場(chǎng)直接轉(zhuǎn)機(jī)搭乘達(dá)美的航班,，反過(guò)來(lái)達(dá)美的旅客也可以在希思羅機(jī)場(chǎng)直接轉(zhuǎn)乘維珍的航班。不過(guò)你在希思羅機(jī)場(chǎng)轉(zhuǎn)過(guò)機(jī)嗎？這個(gè)機(jī)場(chǎng)總是人滿為患,，旅客每次轉(zhuǎn)機(jī)都要遭一回罪。而且,，如果你認(rèn)為維珍航空的創(chuàng)始人理查德·布蘭森爵士會(huì)讓從田納西州來(lái)的美國(guó)旅客進(jìn)他那位于希思羅機(jī)場(chǎng)3號(hào)航站樓的專(zhuān)用“俱樂(lè)部”休息室里等候轉(zhuǎn)機(jī)嗎,？事實(shí)上，就連新加坡航空公司的頭等艙旅客也進(jìn)不去,。

????Delta could be making a big mistake pursuing Virgin Atlantic. While investing in an airline is a risky venture at any time, a tie-up with Virgin today looks particularly bad for the Atlanta-based carrier. The deal could jeopardize Delta's marketing and anti-trust agreements with its European partners, while burning up a bunch of cash in the process. In addition, Delta would have to deal with the twin threats of increased government scrutiny on one hand, and Virgin founder Sir Richard Branson's larger-than-life ego on the other, outweighing any benefit that could come from such a deal.

????The markets weren't too surprised Monday when Singapore Airlines released a terse statement that it has entered talks to sell its?49% stake in Virgin Atlantic. The partnership that began in 1999 between the two airlines had become so unprofitable that Singapore was forced to write down the value of its stake in Virgin from S$1.6 billion to basically zero this year.

????There is plenty of blame to go around as to why Singapore wasn't able to make its venture with Virgin work. Singapore hoped the partnership would help it gain a foothold in the most profitable segment in the airline business – the transatlantic route between the U.S. and Europe. But both parties failed at executing any meaningful partnership agreements to allow that to happen; in fact, it was only last year that the two started codesharing their flights, something that should have happened a decade ago.

????But after years of fruitlessly searching for a buyer, Singapore's long, Richard Branson-fueled nightmare could be coming to an end. Enter Delta Air Lines (DAL). Virgin's allure remains its lucrative Trans-Atlantic routes, specifically the New York to London route. Virgin has a number of extremely valuable landing "slots" at Heathrow Airport, which Delta covets. The conventional view here is that Virgin will transfer those slots to Delta, allowing it to expand its empire in the only other major European player.

????While some see this as a "no-brainer," for Delta, any deal actually looks to be more trouble than it's worth. First, if Delta wants greater access to Heathrow, it would be cheaper and easier to just buy some slots from another airline, preferably one that it doesn't compete against. Why would Virgin turn over any of it slots to Delta, anyway? Contrary to most media reports, Virgin isn't some Heathrow gold mine slot machine, it only controls around 3% to 5% of them and uses all of them, mostly on routes that Delta already serves, according to Deloitte. Just ask Singapore how many slots it got from its deal with Virgin: zero. Indeed, when Singapore recently needed a slot pair for a new flight out of Heathrow it was forced to buy them from South African Airways.

????But what about connecting passengers? The thinking here is that Virgin Atlantic and Delta could codeshare flights to let Virgin passengers connect to points in the US out of JFK Airport on Delta, while Delta passengers could do the same on Virgin flights out of Heathrow. Have you ever connected through Heathrow to another destination? To save you the misery, the airport is always stuffed to capacity, making connecting a terrible experience for passengers. And if you think Sir Richard Branson is going to let Delta passengers from Chattanooga into his exclusive "clubhouse" lounge in Heathrow's Terminal 3, you better think again. Not even first class passengers on Singapore Airlines can gain entry.