In a way,in the transmission system all transformers are connected in series from generator to residential load! waross,where is the load sharing? When in series, the same power will flow except at the end you will get net power as per multiplied efficiency value as you correctly said.
But if the primaries and secondaries of,say, two identical units are connected in series, then the load per unit will drop to half. The no-load losses will drop less than half as at half flux density in core,core loss will drop much more than half.Net efficiency will be arithmetical average of the individual efficiencies at half load with lower no-load loss.