Takeoff: Lufthansa shareholders back $10bn government bailout
Berlin will take a 20 percent stake in the German airline brought to its knees by the COVID-19 travel slump.
Lufthansa shareholders on Thursday backed a nine billion euro ($10bn) government bailout, securing the future of Germany's flagship airline after it was brought to the brink of collapse by the COVID-19 pandemic.
The plan, backed by 98 percent of the shareholder capital that cast a vote at the online meeting, will see Berlin take a 20 percent stake in Lufthansa and two board seats.
Earlier on Thursday, Lufthansa shares jumped as much as 20 percent after its top shareholder dropped his objections to the government bailout.
"I will vote for the proposal," billionaire investor Heinz Hermann Thiele, who recently increased his stake in Lufthansa to 15.5 percent, told the Frankfurter Allgemeine daily on Wednesday.
Berlin will take a 20 percent stake in the German airline brought to its knees by the COVID-19 travel slump.
Lufthansa shareholders on Thursday backed a nine billion euro ($10bn) government bailout, securing the future of Germany's flagship airline after it was brought to the brink of collapse by the COVID-19 pandemic.
The plan, backed by 98 percent of the shareholder capital that cast a vote at the online meeting, will see Berlin take a 20 percent stake in Lufthansa and two board seats.
Earlier on Thursday, Lufthansa shares jumped as much as 20 percent after its top shareholder dropped his objections to the government bailout.
"I will vote for the proposal," billionaire investor Heinz Hermann Thiele, who recently increased his stake in Lufthansa to 15.5 percent, told the Frankfurter Allgemeine daily on Wednesday.