This will enable substantial operational synergies.

Given this motivation, few real operational synergies can, or should, be expected from these minority arrangements.

"If there are to be any operational synergies," he said, "they may come somewhat later."

The airlines also work together to provide operational synergies to keep costs down.

"We discovered some strong potential opportunities for working together and some outstanding operational synergies that could have benefitted both companies," Mr. Iacocca said in a prepared statement.

"Curatorial development takes place in New York," Krens said, employing his usual high-tech idiom, "and we have a strong operational synergy."

British Airways subsequently merged TAT into Air Liberté to achieve a significant reduction in costs and greater operational synergies.

But linking Anthem, based in Indianapolis, with New Jersey Blue Cross will provide "only limited operational synergies," Mr. Sherlock said.

"But the near-term operational synergies are relatively modest."

KPN also has operational synergies through joint ventures with TDC and Swisscom.