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DAXX:LHA, May 29, 10:44 UTC

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Lufthansa Balks At EU Conditions For German Aid Package

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Deutsche Lufthansa AG (OTC: DLAKY) board of directors postponed a decision to accept a $9.8 billion economic relief package from the German government after European Union competition authorities said the airline would have to relinquish valuable slots at its hubs in Frankfurt and Munich. Giving up takeoff and landing slots would harm the company's hub-and-spoke business model and finances, the board said in a statement on Wednesday. Slots are essentially flight quotas that authorities assign to airlines at busy airports and can give to competitors if most of the rights aren't utilized in a given year. Irish low-cost carrier Ryanair Holdings plc (NASDAQ: RYAAY) is pressing the EU to break Lufthansa's fortress hold on Frankfurt and Munich, where it controls three-quarters of the slots, and in Vienna and Zurich, where American Airlines Group Inc. (NASDAQ: AAL) and SWISS, respectively, dominate, according to the Financial Times.

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Wednesday, May 27


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Deutsche Lufthansa AG: Lufthansa Supervisory Board postpones decision on convocation of General Meeting

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to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. At its meeting today, the Supervisory Board of Deutsche Lufthansa AG discussed the acceptance of the stabilization package offered by the Economic Stabilization Fund (WSF) of the Federal Republic of Germany, including the necessary convocation of a General Meeting. They would lead to a weakening of the hub function at Lufthansa's home airports in Frankfurt and Munich.

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Tuesday, May 26


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Lufthansa unit Eurowings to cut a third of head-office staff

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Lufthansa unit Eurowings to cut a third of head-office staff. DUESSELDORF, Germany (Reuters) - Eurowings, the low-cost airline owned by Lufthansa <LHAG.DE>, said it would cut a third of the jobs at its headquarters as part of wider efforts to return the German airline group to profitability after a major state bailout. "We have around 1,000 staff at head office and of those we will reduce 300," Eurowings Chief Executive Jens Bischof told a briefing in Duesseldorf. Germany threw Lufthansa a 9 billion euro (8.04 billion pounds) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.

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Monday, May 25


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Germany stamps authority on Lufthansa with $9.8 bln lifeline

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FRANKFURT/BERLIN — Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline. The largest German corporate rescue since the coronavirus crisis struck will see the government get a 20% stake, which could rise to 25% plus one share in the event of a takeover attempt, as it seeks to protect thousands of jobs. Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support. Germany’s Finance and Economy Ministries said on Monday that Lufthansa, whose shares closed up 7.5% at 8.64 euros, had been operationally healthy and profitable with good prospects, but had run into trouble because of the pandemic.

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Lufthansa and German government agree on $9.8 billion rescue package

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The airline has been in talks with Berlin for weeks over aid to help it to cope with what is expected to be a protracted travel slump, but the carrier has been wrangling over how much control to yield in return for support. Rivals such as Franco-Dutch group Air France-KLM and U.S. carriers American Airlines, United Airlines and Delta Air Lines have also sought state aid. The German government and Lufthansa, which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro ($9.8 billion) bailout. The German Finance and Economy Ministries on Monday said Lufthansa was an operationally healthy company before the coronavirus outbreak, was profitable and had good prospects for the future but had got into trouble because of the pandemic.

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Lufthansa, German Government Agree on Rescue Package: Source

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BERLIN — The German government and the management of flagship carrier Lufthansa, which has been hit hard by the coronavirus pandemic, have reached an agreement on state aid worth billions of euros, a source close to the matter said. The agreement is still pending approval by the German coronavirus rescue fund's steering committee, which is expected to meet on Monday, as well as Lufthansa's boards and the EU commission. The carrier said last week that it was in advanced talks on a deal that would involve the government taking two seats on its supervisory board, but it would only exercise its full voting rights in exceptional circumstances, such as to protect the firm against a takeover. Lufthansa has been in talks with Berlin for weeks over aid to help it cope with what is expected to be a protracted travel slump, but has been wrangling over how much control to yield in return for support.

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Sunday, May 24


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Lufthansa’s $9.8 Billion Bailout Bogged Down in Talks With EU

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Lufthansa’s $9.8 Billion Bailout Bogged Down in Talks With EU. (Bloomberg) -- Germany’s 9 billion-euro ($9.8 billion) bailout of Deutsche Lufthansa AG is being slowed by discussions meant to ensure the rescue plan receives swift European Union approval once it’s finalized, people familiar with the matter said. One detail to be ironed out is a timetable for Germany’s exit from a direct stake it would take in Europe’s largest airline, one of the people said, asking not to be named because the talks are confidential. Ryanair Holdings Plc has already challenged the bailout of Air France-KLM and vowed to do the same with Lufthansa, complaining that the German flag-carrier would exit the crisis stronger while lower-cost airlines that don’t get aid will compete “with two hands tied behind our back.”.

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Friday, May 22


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Lufthansa aid talks stall over Airbus orders - Handelsblatt

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Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. May 22 (Reuters) - Talks over a 9-billion euro government bailout for German flagship carrier Lufthansa have stalled over a row on how to deal with the airline's ordered Airbus jets, German business daily Handelsblatt reported on Friday. The German government is demanding Lufthansa accept all orders with Airbus, making the airline's recovery practically impossible, Handelsblatt cited sources as saying. The ailing carrier would have to pay more than 5 billion euros ($5.5 billion) in the coming three to four years for the planes, the paper said, adding that a Lufthansa supervisory board meeting had been postponed to Monday.

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Thursday, May 21


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Lufthansa Closes In on $10 Billion State Rescue Deal

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Business|Lufthansa Closes In on $10 Billion State Rescue Deal. BERLIN — Lufthansa is in advanced talks over a 9 billion euros ($9.9 billion) state bailout that would see Germany take a 20% stake in its flagship airline, as countries battle to save an aviation industry hammered by the coronavirus pandemic. Lufthansa said on Thursday a deal would involve the government taking two seats on its supervisory board, but it would only exercise its full voting rights in exceptional circumstances, such as to protect the firm against a takeover. Lufthansa has been in talks with Berlin for weeks over aid to help it cope with what is expected to be a protracted travel slump, but has been wrangling over how much control to yield in return for support. Sources involved in the negotiations said the government's economic stabilisation fund had not yet put forward a final offer, but should do so on Thursday.

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Lufthansa confirms advanced talks for state aid

LHA

Deutsche Lufthansa AG confirmed Thursday that it is in advanced talks with the German economic stabilization fund for up to 9 billion euros ($9.84 billion) in state aid as it tries to shore up its finances amid the coronavirus, an agreement that will see the fund take a stake in the airline. The package will include a loan of EUR3 billion from the KfW--a German state-owned bank--and a stake purchase by the economic stabilization fund, known as the WSF, the carrier said. The WSF will take a 20% stake in Lufthansa through a future capital increase that will need to be approved by an extraordinary general meeting, the airline said. "In addition, a convertible bond is to be agreed with the WSF, which can be exchanged for a further 5% plus one share also at the nominal value in the event of a public takeover offer by a third party," it said.

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