It will be interesting to see what their pecking order would be
you also have to look at the cost they need to pay to purchase these and then spend on these
Brussels = 65Milln now and with purchasing the other 55% its been reported the cost could reach 250 Milln
SAS = This is reported to be worth in the region of £750Miln at market value
BMI = This is reported to be worth some £800Miln (largely due to the cost of LHR slots - but i know they already own 30% and SAS 20%)
Alitalia = So valuations on this have ranged wildly between several hundred million up to Euro 1Bn. But they may only be allowed to bid for up to 20% and that will be of a combined Alitalia/airOne consortium airline (not sure how much Air one is worth) but say its around Euro150-200 miln
Austria = Govts stake up for sale is around 150miln euros
On top of the purchase price of these it would take considerable cost to turn around SAS (fleet renewal and Spanair fleet renewal and loss of confidence in airline), Alitalia - ok so only part of a consortium but fleet renewal desparately needed, and Austria operates a mix of old and new and could loose up to 90 miln euros in the next year.
So its a question of how deep Lufthys pockets are to keep buying up airlines.
Also in the not too distant future you have Olympic coming up for sale (ok prob not a lufthy target) and i believe the Czech govt want to privatise CSA also - which could be a good win for someone.