B.A and Iberia hold Merger talks
 

http://news.bbc.co.uk/1/hi/business/7530819.stm.
Could be good news for both airlines and One World if it goes ahead.
Have often thought if this is something maybe BA and Qantas would look into at some point seeing the very close relationship between the two airlines.

I don't quite see the advantage myself. The advantages that the news has been reporting, such as it giving BA greater access to South America and routes out of Madrid seem odd as I thought that was the whole idea of 'alliances' such as One World.