"We would certainly be willing to discuss any suggestion Ryanair might have, " said Mannion. "We have a dialogue with all our major shareholders, including Ryanair, so we'd be very happy to entertain any suggestion they might have, " he said.

Mannion said, however, that it was too early for the airline to draw up firm plans about how it would react in that situation.

"It's really too early to be in that space. We still haven't had the final decision from the commission."

Meanwhile, Ryanair has placed a long-term value of Euro406m on its 25.2% stake in Aer Lingus, according to its latest accounts were released early last week. The stake is listed in the figures as an "available for sale financial asset".

Ryanair spent Euro344.9m acquiring the stake, which means that even if achieved this valuation, which is regarded as modest by some observers, it would make a profit of over Euro61m on the transaction.

Last Tuesday, Ryanair chief executive Michael O'Leary suggested for the first time that the airline might be willing to sell its Aer Lingus stake if it failed to secure European Commission approval for its bid.

"[If ] someone wants to offer us a big return on our 25% stake, we're always happy to talk to anyone, " he said.

However, one aviation analyst, Neil Glynn of NCB Stockbrokers, said he doubted whether Aer Lingus would attempt a buyback. Glynn said it made no sense for Aer Lingus to buy back Ryanair's shares, particularly as "it raised funds through its IPO to fund expansion. . . From anyone's perspective, the possibility of a buyback is just a moot point. It won't happen", he said.

Glynn said he expected that if Ryanair sold its stake in Aer Lingus, it would be to another European airline.