Surely foreign ownership issues would scuttle most of their potential targets. However I think what BA needs to do is fix their own problems first before trying to screw other airlines/use other airline profits to fix their problems.
I can’t imagine Swire in Hong Kong would want to be merged into IAG. And with LAN and TAM is it, to merge, I think they’ll be out of reach for a while as they work out all their differences.
Personally, wouldn’t be for IAG (BA) eating up other airlines, as they’re not the best OW partner anyway, from their signage of OW benefits to their pension troubles and pay disputes.