Listening with obvious interest and amusement, Magnus sat back and let the pair judge each other like a couple of predators in the wild. Namor's distaste was evident, but then Magnus figured there weren't many land dwellers that the king of Atlantis didn't find disgusting. As for HYDRA's leader, the Contessa seemed on the defensive and rightly so given her company and they way she'd been treated. In terms of actual threats, to each other and to himself, Magnus thought that Namor, perhaps, had the upper hand in power but the Contessa had a brazen quality that Magnus would not easily discount and she was as meretricious as Namor. The pair really were quite alike.
Magnus snorted in laughter as Contessa so boldly admitted her aim to Namor and then tried to cover it with talk of an alliance. He exchanged another look with Mystique and smirked, shaking his head slightly.
"But his highness and I are already in an alliance and between the two of us I'm sure we could manage S.H.I.E.L.D. What it sounds like to me, Ms. Fontaine, is that you need us rather more than we need you."