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It’s more complicated than we thought! It isn’t just BA and AA in the JV – IB, RJ and AY are in it too! From a news report in 2010 on

“The U.S. Department of Transportation on Tuesday granted American Airlines, British Airways and Iberia, along with Finnair and Royal Jordanian, antitrust immunity to jointly set fares, align capacity, plan service and share revenues across the Atlantic, finalizing a tentative approval from February and enabling those Oneworld carriers to compete with SkyTeam and Star Alliance competitors in the new realm of joint venture corporate contracting. “