the traffic rights of swiss are based on bilateral agreements with the target countries and are tied to switzerland as the home location. In the wake of a direct takeover of swiss by lufthansa these traffic rights would lose their value. That is why the full integration of swiss will occur only after talks have been held with the target countries in which the traffic rights are to be secured. This process is progressing well. It is unlikely , however , that the negotiations will be concluded before the end of 2006.