After the Wall Street Journal last night reported that Newell Rubbermaid (NWL) and Jarden (JAH) are in talks to merge, Deutsche Bank analyst Bill Schmitz says his "quick merger model" shows significant accretion to Newell. Assuming a merger of equals with no premium, Jarden shareholders would own 46% of the combined entity and the deal would be 42% accretive to Newell assuming 5% of Jarden sales in synergies, Schmitz tells investors in a research note. If Newell were to be the acquirer and pay a 15% premium, the deal would be 32.5% accretive, the analyst estimates. He has a Buy rating on both names.