SG, the corporate and investment banking division of the French Société Générale group, and compatriot BNP Paribas are favourites to manage the French government's €1bn ($980m) sale of shares in Air France.

The two banks would be strengthening already close ties with Air France as it gains greater independence from the government. SG led Air France's IPO in 1999, along with Crédit Agricole Indosuez. BNP is advising Air France on its most recent venture, the anticipated "symbolic" take up of a stake in Alitalia, the troubled Italian airline, which will deepen the alliance between the two carriers.