Really thinking about what happens with these mergers and splits. In the end it is just moving numbers from one pile to an other. Nothing is really created or destroyed...

Well there is massive waste of time on doing all the stuff need for it to happen. But I think they would have come up with something as unproductive as that anyway so overall it is not like that time would have been spend for anything actually productive.

Made up "value" moving from one place to an other. Just so that some people have something to do. And most likely they would not have much productive things to do in any case.