Given Ryanair's announcement yesterday of record profits, they can afford to be a bit belligerent - they are in no pressing need of the money. Having been thwarted so often in their pursuit of Aer Lingus, it is hard not to see them wishing to thwart another in their pursuit.

That said, should IAG walk away and the deal fall through, it is almost impossible to see anyone else make any kind of play for Aer Lingus - particularly with Ryanair on board as a "troublemaker" shareholder. Should they lose their appeal to sell down their stake, then they would end up having to ditch their stake for market rates...and the EI share price would surely slide if the IAG deal collapses.

It might be the best option for Ryanair to sell - but don't expect them to make it easy!!!