Politically, I can't see that HMG would ever let Lufthansa into LHR and gain the presence they would if they bought bmi.
Whatever the bit of paper says, that would be a coup d'etat for LH.
But I personally can't see SMB giving up 50 years of endeavour to the Germans.
Personally, I've got nothing against LH whatsoever, but those in the corridors of power at Westminster and airline HQ's probably do.
PS: 264 posts in 8 years...an average of ~3/month.