Conceptually, yes, there could be clear value in, at least,...

Conceptually, yes, there could be clear value in, at least, reducing some fixed costs out of the aggregate, and possibly some risk-mitigation product cross-selling, particularly as I think CVW's earnings are more consumer skewed, compared to B2B of NOL. Those sorts of transactions though, while they can show compelling desktop value, can be a hard row to hoe in terms of getting both sets of directors and KMP's convinced that they are getting an appropriate slice of the value pie. Self-interest and logic aren't always a strong romance. But with MC's of ~$0.3B and $0.1B, and both trading in 8-10PE ranges, and both on seemingly ok growth trajectories, it's just as easy to foreee a risk-book operator, either AU or foreign, of a multiple of these MC's running an acquisition ruler over both of 'em. And CVW's P/B is <0.9.... I too hold both.