It would be very hard to sell any link up with IAG, AF/KLM or Lufthansa as a merger. There may be some possibility with one of Lufthansa's subsidiaries though.
It's hard to see who would be a suitable merger partner. You'd assume that there would would be no desire to link up with an airline that is loss-making or has free-cash problems. You'd also want to see route networks that compliment each other and the potential for savings on admin and maintenance services.
Those conditions have me frawing a blank. SAS and Finnair look like the closest, but I really can't see any route synergies there.