Air France-KLM has put its final offer on the table for as much as 49.9% of TAP Air Portugal, the last step before the Portuguese government picks a partner for its flag carrier.

The Franco-Dutch group spent the past four weeks sharpening its bid, CEO Benjamin Smith said in a statement. The plan covers passenger service, cargo, loyalty, and maintenance, and it calls for growth in Porto and other Portuguese cities along with Lisbon. Lisbon would become the group’s sole Southern European hub.

“Our proposal is designed around a stronger Portuguese flag carrier, with Lisbon as the Air France-KLM Group’s exclusive Southern hub with greater connectivity, and a clear intention to create [jobs] and value throughout Portugal,” Smith said.

Air France-KLM is competing with Lufthansa Group, the only other bidder left after British Airways and Iberia parent IAG dropped out. Lisbon asked both to improve their offers after binding bids submitted in July proved too close to call. The stake on offer combines 44.9% for a strategic investor with 5% set aside for TAP employees, leaving the state in control.

The sale is the latest move in a run of consolidation among Europe’s airlines, as the continent’s three big groups absorb its remaining midsize flag carriers. Lufthansa has taken over Italy’s ITA Airways, and Air France-KLM bought into Scandinavia’s SAS and is moving toward majority control.

For U.S. advisors, the alliance math matters most. TAP is a Star Alliance member today, alongside United Airlines and Lufthansa. Delta Air Lines, Air France-KLM’s transatlantic joint venture partner, and SkyTeam both back the bid, and the group said they share its goal of adding service to Portugal across the North Atlantic. An Air France-KLM win would likely bring TAP and its Lisbon hub into the SkyTeam fold, giving Delta loyalists a new way to earn and redeem on flights to Portugal and on TAP’s network into Brazil and Africa.

The Portuguese government has not said when it will announce a decision.