British Airways boss Willie Walsh is today under growing pressure as it emerged that his extraordinary brinkmanship in trying to pull off three mergers at once could backfire, leaving the flag carrier partnerless and isolated.

The pressure on Walsh is growing as it emerged a deal with its would-be Spanish partner Iberia could be off because the BA chief opened secret merger talks with Qantas.

BA's so-called virtual merger with American Airlines, in which the two carriers want to share profits on its transatlantic routes, could also be in trouble as critics are likely to use Walsh's expansionist ambitions to lobby regulators to block the tie-up.

In a dramatic twist to the shock news earlier this week that BA wants to merge with Qantas, the chief executive of Iberia, with whom Walsh has been negotiating for the past five months, admitted he knew nothing of the approach to the Australian carrier.

Asked to comment on BA's apparent multi-merger plans, Iberia's Fernando Conte said: "I don't have too much information about what has happened between BA and Qantas.

"I knew about it one hour before it was published when Willie Walsh called me and informed me they were having discussions.

"We have on our agenda a pending meeting to clarify what we are talking about."

The Iberia chief continued that he believes an Anglo-Spanish-Australian merger would be "too complex" and it would be "more reasonable" to start with mergers within continents before moving to intercontinental deals.

However, BA insists a multi-merger can be done.

Analysts are uncertain what to make of Walsh's performance over the Qantas affair.

They have been left wondering whether the Australian airline's gambit was aimed at hastening Iberia to the table to sign a deal or whether it was a signal that Walsh is going cool on a Spanish tie-up.

Calling Walsh's strategy "brinkmanship", one aviation analyst said there were serious regulatory and political uncertainties over whether a Qantas deal could go through.

Others have questioned BA's apparent willingness to prioritise an Australian deal.

While a Qantas merger would put BA firmly in the fast-growing Asian market, it would also put it up against the well-capitalised big beasts of the region like Singapore, Emirates and the Chinese airlines.

Similarly, if the Iberia deal was left to wither, that would see BA forgoing a move into the major Hispanic market, where Latin America also provides fast-growing opportunities.

Walsh has had to overcome several fiascos during his three years as chief executive, ranging from the botched opening of Terminal 5 to staff rights to wear crucifixes.

But he has so far failed to execute one merger while BA's great Continental rivals have been leading industry consolidation.

Lufthansa recently took over bmi British Midland, and has already carried out deals with the Austrian and Swiss flag carriers.

Air France has merged with the Dutch of KLM, and last year bought London City Airport's largest airline VLM.