As a possible merger between Delta Airlines (NYSE: DAL) and Northwest Airlines (NYSE: NWA) looms, one of the biggest obstacles to a potential union seems to have been overcome today. Union leaders from both airlines have apparently reached an integration deal should a merger go through.

Should the two airlines officially merge, the resulting airline would be the largest, with close to 79,000 employees worldwide, and combined will have roughly 11,000 pilots. Before any consolidation could take place, unions for both set of pilots had insisted on having some input, and had stated that they would not be rushed in doing so.

The main issue was how the melding of the two sets of pilots would impact each pilot's place on the new company's seniority list. This integration deal seems to have addressed those issues, and cleared one major hurdle the two airlines will be forced to deal with. While the unions have been able to reach a tentative deal on pilot integration, it should be noted that any merger announcement will still have to face approval by the two unions.

The Associated Press reports that UAL Corporation (NYSE: UAUA)'s United Airlines and Delta Air Lines (NYSE: DAL) are in discussions about a merger. The firms would take United's Chicago headquarters and its name. One possible scenario involves Delta CEO Richard Anderson being the chief of the combined airline.

Why merge? Pardus Capital Management LP, a hedge fund, owns 7 million Delta shares and 5.6 million shares of United. Pardus pushed Delta to merge with UAL. It argued that it was "imperative" that the company merge with another airline in view of soaring fuel prices and what it described as the increased risks of going it alone. Pardus believes that "consolidation is needed to de-risk the industry, and time is of the essence as now is the right regulatory environment."

If Pardus is right, it seems to me that it must be forecasting that Hillary Clinton will be the next president. That's because Pardus believes that the regulatory environment for airline consolidation will deteriorate under the next president -- and I wouldn't be surprised if it thought mergers would be viewed more favorably under a Republican than a Democrat.