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Monday, July 06


News

EU Commission approves 150 million euro subordinated loan for Austrian Airlines

LHA

EU Commission approves 150 million euro subordinated loan for Austrian Airlines. {{monthName}} {{day}}, {{year}}, {{hour12}}:{{minuteTwoDigit}} {{dayPeriod}}. VIENNA (Reuters) - The European Commission has approved a 150 million euro ($170) million) subordinated loan to compensate Lufthansa's. The loan would enable Austria to partly compensate Austrian Airlines for the damages it has incurred due to travel restrictions, Executive Vice-President Margrethe Vestager said in a statement, adding that the aviation sector had been hit particularly hard. "We continue working with member states to discuss possibilities and find workable solutions to preserve this important part of the economy in line with EU rules," she said.

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Thursday, June 25


News

Lufthansa soars after top shareholder backs bailout

LHA

FRANKFURT (Reuters) - Lufthansa (LHAG.DE) shares jumped as much as 20% on Thursday after its top shareholder dropped his objections to a 9 billion euro ($10 billion) government bailout for the German airline brought to the brink of collapse by the COVID-19 pandemic. His endorsement amounts to an 11th-hour reprieve for Germany's flagship airline after fears had swirled he might veto the proposed rescue, which will see the government take a 20% stake and board seats, diluting existing shareholdings. It has been brought to its knees by COVID-19 and what promises to be a protracted travel slump, and like many rivals across the world, sought state help to stay afloat. Even after Thursday's gains, its shares are down almost 40% this year. An employee of Lufthansa wears a protective face mask with Lufthansa logo as she attends a protest against planned job cuts of Germany's flagship carrier hit hard by the coronavirus (COVID-19)-induced travel slump during a demonstration of pilots union Cockpit at the Lufthansa Aviation Center in Frankfurt, Germany June 25, 2020.

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Lufthansa shareholders approve €9bn German government bailout

LHA

After many weeks of negotiations, shareholders in German flag carrier Lufthansa (LHA.DE) have agreed at an extraordinary general meeting to the conditions of a €9bn (£8.1bn, $10.08bn) government bailout, that includes Berlin taking a 20% stake in the airline and getting two seats on the supervisory board. Ryanair chief executive Michael O’Leary had said in a statement in May that he will appeal at EU level against “this latest example of illegal state aid to Lufthansa, which will massively distort competition.”. The deal appeared to be in danger of collapsing this week, after German billionaire Heinz Hermann Thiele, one of the country’s richest men, voiced strong opposition to the government getting such a large stake, and so cheaply, in the airline. In the final hours ahead of the shareholders meeting, Thiele did an about-face, telling the Frankfurter Allgemeine Zeitung on Wednesday evening that he would back the deal after all, as he did not want to be seen as having helped drive Lufthansa into bankruptcy.

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Ryanair complains to EU antitrust watchdog about alleged Lufthansa price-fixing

LHA

Ryanair complains to EU antitrust watchdog about alleged Lufthansa price-fixing. BRUSSELS (Reuters) - Ryanair <RYA.I> has filed a complaint to EU antitrust regulators about alleged talks between Lufthansa's <LHAG.DE> Italian unit Air Dolomiti and three Italian airlines to fix prices, the chief legal officer of Europe's biggest budget airline said on Thursday. The complaint also cites alleged price fixing in Austria involving Lufthansa's local unit Austrian Airlines. Gomorek also pointed to Italy "where Lufthansa has its subsidiary, we have that subsidiary talking about getting together with three other airlines to discuss and maybe agree what price levels they may feel comfortable at."

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News

Lufthansa Soars After Top Shareholder Backs Bailout

LHA

FRANKFURT — Lufthansa shares jumped as much as 20% on Thursday after its top shareholder dropped his objections to a 9 billion euro ($10 billion) government bailout for the German airline brought to the brink of collapse by the COVID-19 pandemic. "I will vote for the proposal," billionaire investor Heinz Hermann Thiele, who recently increased his stake in Lufthansa to 15.5%, told the Frankfurter Allgemeine daily on Wednesday. His endorsement amounts to an 11th-hour reprieve for Germany's flagship airline after fears had swirled he might veto the proposed rescue, which will see the government take a 20% stake and board seats, diluting existing shareholdings. Concerned a government stake would make it harder for Lufthansa to make tough decisions about restructuring and job cuts, Thiele had instead proposed an indirect government holding in the airline via Germany's KfW development bank.

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Wednesday, June 24


News

Lufthansa shareholder Thiele to endorse bailout - FAZ

LHA

(Reuters) - Lufthansa's (LHAG.DE) chances of winning approval for a 9 billion euros (8.16 billion pounds) government bailout improved on Wednesday after billionaire Heinz Hermann Thiele, who owns a 15.5% stake, told Frankfurter Allgemeine Zeitung he would endorse the rescue. His endorsement amount to an 11th-hour respite for the airline amid growing fears he could veto the proposed rescue package, which would see Germany buy 20% of the airline group at 2.56 euros per share. Under the fallback plan described by a company source, Lufthansa would have responded by splitting the capital increase into two stages, with a first 10% tranche sold to the government at the heavily discounted price. That step, requiring no vote, would be followed by a rights issue open to all shareholders in which Germany could raise its stake to 20% at a much smaller discount. As originally proposed, a loan from state-owned KfW bank and a repayable "silent participation" could take the total to 9 billion euros.

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News

Exclusive: Lufthansa draws up 'Plan B' to prevent insolvency - source

LHA

Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. Exclusive: Lufthansa draws up 'Plan B' to prevent insolvency - source. (Reuters) - Lufthansa (LHAG.DE) has drawn up a plan to prevent an insolvency should a virtual extraordinary shareholders' meeting on Thursday fail to approve a $10 billion government bailout, a company source told Reuters on Wednesday. The German government could still get a 20% stake, as originally planned, in two steps without the approval of a shareholders' meeting or billionaire investor Heinz Hermann Thiele, the source said.

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Monday, June 22


News

Lufthansa shares down on bailout standoff with shareholder

LHA

FRANKFURT (Reuters) - Lufthansa (LHAG.DE) shares fell on Monday as the German government held last-ditch talks with the airline group's biggest shareholder, who is threatening to block a 9 billion euro ($10 billion) bailout unless its terms are adjusted. Thiele, who holds 15.5% of the group, objects to bailout terms that would see Germany acquire a 20% stake and board seats, diluting existing shareholders, and has instead proposed an indirect holding via the country's KfW development bank. Monday's stock decline followed a weekend message in which Lufthansa CEO Carsten Spohr told employees less than 38% of shares had been registered to vote at a key shareholder meeting on Thursday, handing Thiele an effective veto on the bailout, which needs a two-thirds majority to pass. That could eventually lead to break-up pressures on the group, whose other carriers include Austrian Airlines, Brussels Airlines and Swiss. As well as adding significant risk, "a protective umbrella procedure for Lufthansa would be a great embarrassment for Germany as an export nation," Kepler Cheuvreux analyst Ruxandra Haradau-Doeser said.

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Germany in Lufthansa bailout talks with key shareholder

LHA

FRANKFURT (Reuters) - The German government held talks with Lufthansa's (LHAG.DE) biggest shareholder on Monday to persuade him to accept the terms of a 9 billion euro ($10 billion) coronavirus bailout that it has offered the airline group. Finance Minister Olaf Scholz voiced confidence that investors would approve the deal after he met Heinz Thiele, who owns 15.5% of the group and had threatened to block the aid at a shareholder meeting on Thursday. Scholz said the proposal to be put to shareholders had been "carefully weighed" in negotiations with Lufthansa and the EU, adding: "This will be taken into account, I think, by the shareholders." Lufthansa shares, which had fallen as much as 8.8% earlier in the session, recovered some of their losses to close 3.2% lower on the day the group exited Germany's benchmark DAX stock index, a relegation announced this month.

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Friday, June 19


News

Germany declines to comment on possible talks with Lufthansa investor

LHA

The German government on Friday declined to comment on possible talks with shareholder Heinz Hermann Thiele after a newspaper reported the billionaire has reached out to Berlin in a standoff over a $10 billion rescue package. It comes amid news that the German airline’s fleet of Airbus SE A380 jets will be mothballed for at least two years and may never return to service as demand for long-haul travel remains subdued in the wake of the coronavirus outbreak. The Covid-19 pandemic is hastening the demise of the A380 as a front-line aircraft, with Air France phasing out the jet and Dubai-based Emirates, the largest operator, said to be mulling plans that could see 65 retired. Talks to save the Belgian airline been have stalled for weeks but directors of Lufthansa, which has itself been bailed out by the German government, and Brussels Airlines would meet on Monday to discuss a plan for its future.

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