Lufthansa's bmi sale raises unique opportunities and complexities. Who are the 12 potential bidders?

Lufthansa surprised many in the European aviation market with its agreement to buy from SAS the remaining 20% of bmi that it did not already own. Speculation is now mounting that Lufthansa is preparing to carve up or offload bmi, with the German carrier stating it has received as many as 12 expressions of interest in the UK carrier. In this report, we speculate on who the 12 bidders may be, why they are interested, and the strategic options available to Lufthansa.