Michael O'Leary has once again taken business into the realm of spectator sport. His dawn raid on Aer Lingus has simultaneously crystalised fears about the wisdom of privatising the airline and raised the prospect of a hugely exciting development for Irish aviation. Public opinion is already dividing along these lines, but the public's say in the matter will be limited. The decision rests with shareholders in both airlines and regulatory authorities.
There is - at a superficial level - something very attractive about Mr O'Leary's proposal to create an Irish airline business that could in time rival the likes of British Airways or American Airlines.
But you do not have to drill too deeply into the prospect to find the fault lines, the most obvious being what it will mean for competition in the Irish aviation market, which is dominated by Aer Lingus and Ryanair. The intense competition between these two airlines has been a significant factor in fostering the cheap air travel that we now take for granted. Despite Ryanair's protestation to the contrary, it defies common sense that the lessening of this competition - which would be the unavoidable consequence of takeover - could be in the interest of the travelling public. It will be up to the EU and Irish competition authorities to decide if this is reason enough to block any takeover.
Shareholders in Ryanair may also have cause to question the wisdom of the move. The single-minded focus on low-cost travel that has served the airline so well will be diluted. They may also ask why if, as he says, Mr O'Leary has nothing better to do with their cash, he does not just return it to them rather than embark on this risky venture.
Even if Ryanair does surmount the competition obstacle it is unlikely to achieve outright control of Aer Lingus and may end up with little more than 50 per cent of the shares. The Government is committed to retaining its stake of about 30 per cent and the employees - who hold some 13 per cent through a trust - will need some convincing that the deal is in their best interest.
Ryanair, the Government and the Aer Lingus staff will make unlikely bedfellows and there is a very real risk of Aer Lingus being crippled as a result of infighting between shareholders who on the face of it have little commonality of purpose. But such a situation may serve Ryanair well enough, as it closes off the prospect of another international carrier making a play for Aer Lingus in order to challenge Ryanair in the Irish market.
Retail and institutional shareholders in whose hands the fate of Aer Lingus now rests are unlikely to pay much heed to these wider concerns. They will vote with their pockets and Ryanair's offer is attractive and may well be increased. The former state airline is now in play and Ryanair could yet be the biggest shareholder if not the new owner. If so, then we must hope Mr O'Leary can be trusted when he says he is cognisant of the national interest.