Barely four days into his new role as chief executive of Qantas and Alan Joyce is in the thick of a complex transaction. The Australian airline he runs is attempting a “merger of equals” with British Airways that will define his tenure in the Qantas driving seat.

With teams of bankers, management consultants, and senior airline executives meeting in secret since August, Qantas was braced for the talks to spill into the open but Tuesday’s announcement from BA confirming discussions came earlier than expected.