The French government will sell up to 40% of Air France, a higher proportion than was previously expected.

The news on Wednesday came as a pleasant surprise to bankers working on the transaction who had anticipated that the state would retain at least 20% of its 54.4% stake in the national airline. Société Générale and Lazard are advising Air France on the sale, while ABN Amro Rothschild, the equity capital markets joint venture, is advising the state.