With a 66% jump in annual profits reported on 26 May and then the news that the Irish government had agreed to sell its shareholding in national flag carrier Aer Lingus (AERL) to rival Interational Consolidated Airlines (IAG), it’s been an interesting week for low cost carrier Ryanair (RYA) at €11.62.

One could well imagine that the Irish budget airline’s chief executive Michael O’Leary is rather savouring his role as kingmaker in a deal that could prove transformative for the British Airways owner headed up by his compatriot Willie Walsh.

These two have well-documented form going back to Walsh’s days at the head of Aer Lingus and he has gone on the record to say that he expected Ryanair to ‘behave in a rational way’, noting that they were a ‘well-run business with proper corporate governance in place’. Within the month, IAG intends to make Ryanair an offer for its 28.5% stake after Dublin sold its 25% stake in a deal that values the flag carrier at €1.4 billion.

Strong recent results aside, Ryanair’s stake in Aer Lingus - which has been something of an albatross owing to UK competition rulings - could now provide a tidy windfall.