Where does this leave IAG?
1-It can expand in Europe organically or by takeover with the limitation of the EU competition authorities who might consider some “consolidation” as going too far(by this read Easyjet, Ryanair, LH and AF/KLM).
2-It can use the possibilities of EU territories, colonies, or dependencies to expànd networks. The small print in the legislature is all important here.
3-It can seek exemptions from local restrictive legislature to “help” develop markets outside Europe(mainly in Asia or Africa).
4-Or it could decide to develop an investment strategy whereby operative control is in the hands of IAG even if the majoririty shareholding control is not (this is being done by Etihad but also Delta).
Possibilities exist but I think IAG will be limited to Europe still for some time.