So, between them, the govt and emoloyees hold about 43% (?) and assuming the employees will want to hold onto their shares - by no means guaranteed, the objective will be to find another buyer for about 10-15% of shares, to bring the combined s/h above 50%.
But, what airline - even EK - would do this? The problem is that MO'L holds most of the cards here, even if the govt does find a way of keeping him out. What's to say he won't basically act in a fit of pique, base another 10+ 738s at DUB, set up a long haul airline and basically grind EI down until the govt agrees to a deal; he will be pretty ruthless here.