Antitrust regulators in Europe are now set to approve British Airways, American Airlines and Iberia's trans-Atlantic tie-up, Oneworld, after the air carriers agreed to compromise on take-off and landing slots at airports in New York airport and London.

The alliance has already received approvals of the US regulators.

Taking its first step towards approval, the European Commission on Wednesday said that the members of the alliance have agreed to forgo a few slots at Heathrow and Gatwick airport in London and at John F Kenedy airport in New York.

As per the commission this would offer a lowered entry barrier to other airlines interested in the London to New York, Miami, Boston and Dallas route, which is highly dominated by British Airways and American Airlines at present. The commission would seek interested parties' comments on the issue by April 10.

Meanwhile, Sir Richard Branson, owner of Virgin Atlantic, has rubbished the regulator's intention to approve the alliance stating that the condition put forward are 'inadequate'. As per him, despite the slot reduction, the alliance would continue to have a dominating 47 per cent share in slots at the Heathrow airport.