The German concern Lufthansa plans to withdraw the state from its co-owners through a capital increase of 2.14 billion euros and the return of state anti-crisis assistance received during the pandemic. From September 22 to October 5, Lufthansa shareholders will be offered to exchange old shares for new ones at a price of 3.58 euros per share in a 1: 1 ratio. Thus, they will receive a new one for each old share.
The Economic Stability Fund (WSF), created by the German government, saved the largest German airline from bankruptcy after the collapse of air travel in March 2020 with billions in injections, but now there is a way out of the crisis, the concern said. He intends to return to the state by the end of the year funds from both packages of anti-crisis assistance provided to him totaling 9 billion euros, of which he spent 2.5 billion euros. At the same time, 1.5 billion of the money used will be paid in October. “We have always emphasized that we will only use the aid package as much as we need it. – said the head of Lufthansa Karsten Spohr. “We are proud that we can now deliver on our promises and return the funds faster than originally expected.”
WSF has already sold part of Lufthansa shares on the stock exchange. According to the concern, currently the state still owns almost 16% of the authorized capital. The Economic Stability Fund will start selling its remaining share no earlier than six months after the increase in Lufthansa’s capital, and this process should be completed at the latest in two years.
In 2020, the Lufthansa concern suffered a record loss of 6.7 billion euros. At the same time, the airline’s turnover fell from 36.4 billion in 2019 to 13.6 billion euros in 2020.