EADS shares recovered more than 2 percent on Monday after a 15-percent three-day drop when the proposal surfaced last week, but many investors question the logic of the deal.

“Given the obstacles to real consolidation of the European industrial base, considerable synergies are unlikely,” said RBC Capital markets analyst Rob Stallard.

Monday’s share prices continued to value the groups in line with the proposed 60-40 split, suggesting at least some investors have priced in the probability of the deal going ahead.