Comment ULA The Sequel, European Edition (Score 1) 32
We've seen this story before - mortal enemies Lockheed and Boeing joined forces to created United Launch Alliance. For a number of years the company did impressive things with Delta IV and Atlas V reliability and put a lot of national asset satellites in space, but they are still stuck in the historical way of doing aerospace engineering - very low risk tolerance, very expensive, very slow. They are aiming to match where SpaceX was 5 years ago as opposed to where SpaceX is going.
It would be surprising to see anything different from merging a bunch of European aerospace companies - the hard part isn't hiring up a bunch of aerospace engineers and funding a project, it's having a focused goal and actually aiming for full reusability on an aggressive schedule. Legacy aerospace companies don't tend to think that way, so this is probably just going to combine 3 slow companies into one bigger, slower company.