Agreement made, 9 billion state bailout for Lufthansa

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The package includes an entry into the shareholding structure for a 20% share which could rise to 25% (blocking minority) in the event of an attempted hostile climb against the German carrier

by R.Fi.

(AFP)

The package includes an entry into the shareholding structure for a 20% share which could rise to 25% (blocking minority) in the event of an attempted hostile climb against the German carrier

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The state inside Lufthansa twenty years after privatization. A 9 billion euro rescue from the German government for the benefit of the airline takes off. The package includes an entry into the shareholding structure for a 20% share which could rise to 25% (blocking minority) in the event of an attempted hostile climb against the German carrier. Berlin has kept to specify that the entire operation has the crism of the temporariness, even if then, has specified the minister of the finances Olaf Scholz, the timing it will depend on how long it takes to get Lufthansa out of the crisis in which it has plunged. According to plans it may not be before 2023.

“When the state spends all this money – the minister commented – it has the duty to ensure that such an investment is not borne by taxpayers”. According to Scholz, however, the solution found is “very postive”. Lufthansa is a “successful company” that found itself in trouble “because of the restrictions of the coronavirus”. The German giant “needs a bridge to cross the crisis and move forward.”

The fact is that, like all airlines in the world, put in crisis by the devastating effects of the pandemic on the global tourism economy, Lufthansa struggles to survive because the restrictions imposed by the authorities have canceled a decade-long boom in civil aviation. The German airline plans to use fewer planes on the upswing and is closing its low-cost Germanwings to scale back ahead of what is expected to be a depressed market in the coming years.

Rescue is the most important of its kind in Germany during the pandemic. And he is also the only one who directly involves the Merkel government, although others may be needed.

As part of the agreement, the government will pay approximately 300 million euros for the new Lufthansa shares at the discount price of 2.56 euros, the nominal value of its shares on the balance sheet. Lufthansa shares, which have almost halved this year, closed at 8.64 euros in Frankfurt trading.



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