Europe's major airlines are turning to smaller deals and minority stakes to strengthen their position against rivals, as regulatory push-back against full mergers increases. The trend marks a shift for the region's carriers, who are trying to compete with more consolidated markets in the US and state-funded behemoths in the Middle East. Smaller deals and commercial agreements are becoming more attractive as regulatory scrutiny rises, allowing airlines to spend less money to test the waters. However, there are risks involved, as demonstrated by Etihad Airways' failed attempts to take minority stakes in other airlines.