To the CEO of Delta, anyway. But the stock market has begged to differ and a cavalcade of detractors is fast mobilizing. If all goes well, the airline’s merger deal with Northwest will lead to $1 billion in annual savings by around 2012 – but that’s a long way off and for lawmakers, consumer groups, regulators and, worst of all, the fearsome passel of pilots who are piteously objecting. Can this marriage work?

During a conference call with industry analysts on Tuesday, Richard H. Anderson, chief executive of Delta Air Lines, described his just-announced merger plans with Northwest Airlines to create the world’s largest carrier as “a perfect deal.”

“The combination,” he added, “is exactly right for all the constituencies.”

Well, maybe not all.

Investors, apparently dismayed by what some regard as too-modest cost-cutting goals, particularly in light of another run-up in oil prices, sent Delta shares skidding $1.32, to $9.16, on Tuesday. Shares of Northwest shares fell 94 cents, to $10.28

The 4,500 pilots at Northwest are also displeased. They vowed to fight to kill the $2.7 billion deal minutes after it was announced Monday night, fearing they would be paid less than Delta pilots and potentially get a poor mix of assignments when their seniority lists were combined.

And some corporate customers, who pay top dollar to fly at the last minute. are not applauding, either. Kevin Mitchell, who heads a trade group which represents corporate travel departments, expects the merger — and other potential combinations like Continental Airlines with United Airlines — to drive up fares, particularly on trans-Atlantic routes, and lead to operational meltdowns.

“If I was Richard Anderson, I’d think this is a great deal, too,” said Mr. Mitchell, who heads the Business Travel Coalition, which has been trying to rally state attorneys general to oppose airline mergers.

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