Delta Air Lines (NYSE: DAL) named Richard Anderson, the former head of Northwest Airlines (NYSE: NWA), its new CEO yesterday. The move follows Delta's 19 ½ month reorganization under bankruptcy protection.

Seth Tobias of Circle T Partners told Bloomberg, "This could spur the possibility of further consolidation in the industry." The Board's Chairman, Daniel A. Carp, said that Anderson "possesses the right blend of seasoned leadership, strategic skills, international experience and airline knowledge the company needs to navigate the industry's challenges and capitalize on its opportunities."

Bear Stearns agreed with Tobias and Carp this morning. They said Anderson could reshape the U.S. airline industry, claiming that he and the current Northwest CEO, Douglas Steenland, are able to understand each other. Bear Stearns believes a merger between to two would create over $5 billion in incremental equity value.

Despite all the speculation, Anderson said he had no plans for a merger with Northwest on CNBC this morning. He did, however, predict there will be future consolidation within the industry, but failed to name names in the comment.

Anderson told reporters on a conference call that Delta is in a "position of strength" after leaving bankruptcy. The airliner that emerged from bankruptcy only months ago is certainly stronger than it was last year, but the company still faces significant headwinds, including the possibility of a slowdown, growing fuel costs and competition with the growing number of discount airlines. While the idea of Delta acquiring Northwest may sound like a logical move, the thought of taking over an airliner that has a disgruntled union, crew shortages, a horrible reputation and a $3.57 billion market cap is just too much to swallow.