Yes. It is absolutely possible. BUT, it is a lot of work - consolidating two companies.
First of all, the advantage you have is that the data model is relatively similar across the board, especially with financials. However, most functional people will extract the information using the Z tables and repopulate the other database with that information.
Sounds simple, but unfortunately it isn't.
You see, most of the data in one system will "step" on data in the other - for example, both systems might have used "10001" as an address book number - and they probably point to different AB information. User Defined Codes in one system might be used differently compared to the other. So while technically, moving the data from one side to the other isn't too difficult a challenge - it is much more difficult matching the information between the two systems.
However, consolidations do happen - I am often involved in consolidating organizations after takeover situations - but it requires a lot of functional knowledge about the data. Hope that helps.