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Carsten Spohr, CEO of Lufthansa, stated on Sunday that it is still too early to discuss the German airline group’s potential interest in acquiring TAP of Portugal because the Portuguese government is still debating the privatization process.

Portugal aims to preserve a strategic share in state-owned airline TAP and will not surrender all of its capital in the next privatization, according to Joao Nuno Mendes, the country’s minister of state for finance.

“There’s still discussion in Portugal about how that privatization will take place, and it’s not supposed to be 100 percent privatization,” Spohr told media at the International Air Transport Association’s annual convention in Istanbul.

At least three major global carriers, Lufthansa, Air France-KLM, and IAG, the parent company of British Airways, have expressed interest.

Lufthansa said last month that it would acquire a 41% interest in ITA Airways, the next big consolidation in Europe’s aviation sector.

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