Basically the title.
I have seen the EU-OS/Suse discussions for some months now. However, Ubuntu/Arch/Fedora are extremely mature projects. So competing against them will be hard.
I want to know how realistic the scenario (described by the question) is.
Canonical is British. Headquarters are in London.
The founder, Mark Shuttleworth, is a South African born British citizen, hence the African name for the distro. But it is and always has been British.
I stand corrected!