Lufthansa, public rescue agreement closed: German government will have 20%. Now Merkel has to deal with the EU Commission

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The coordination of the economic stabilization fund German approved the aid package from 9 billion euros for saving Lufthansa. The State will enter the capital and will be first shareholder with a stake of 20%. Not the 25% that had been speculated in recent days and that would have given him right of veto on relevant decisions. A “very positive” solution, commented the German finance minister Olaf Scholz, stressing that Lufthansa is a “successful company” that has suffered problems “due to coronavirus restrictions” and only needs “a bridge to go through the crisis and move forward “. The agreement must now be passed on European Commission and the governing bodies of the company.

Lufthansa has been hit hard by the crisis of coronavirus and has left almost the entire fleet on the ground in recent months. The group has already announced a recovery plan and the CEO Cartsen Spohr he has repeatedly said that the company will be smaller in the future. Negotiations with the government of Angela Merkel they lasted for weeks: Spohr has repeatedly indicated that he does not want to compromise the autonomy firm.

The final agreement provides precisely “stabilization measures and loans” up to 9 billion euros. The stabilization fund will acquire holdings of up to € 5.7 billion, € 4.7 billion of which classified as equity. It will also subscribe for shares as a capital increase in order to constitute a 20% stake in the share capital. The cash contribution will amount to approximately 300 million. The Fund may also increase its holding to 25% plus one share “in case of acquisition of the company”.

But now the negotiation with the EU begins. According to reports from Dpa, the German chancellor Angela Merkel she would have said contrary to the conditions requests from the EU Rescue Commission. Including the fact that Brussels intends to acquire i take-off and landing rights in the main offices in Frankfurt and Munich. “It will be a tough battle,” said the chancellor, a participant in the CDU meeting at the Dpa reportedly said.

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