Lufthansa shares fall as bailout battle approaches end

posted on 22nd June 2020 by Eddie Saunders
Lufthansa shares fall as bailout battle approaches end

Lufthansa Shares fell 6.7 per cent this morning. Heinz Hermann Thiele, the airline’s largest shareholder announced his objections to the €9bn (£8.1bn) state bailout plan, which would see Germany take a 20 per cent stake in the carrier.

In a letter to Lufthansa’s employees, chief executive Carsten Spohr said that the airline was seeking to find a satisfactory solution to the disagreement before its extraordinary general meeting on Thursday.

In order to pass, the deal requires the support of two-thirds of Lufthansa’s shareholders. Thiele recently upped his stake to 15 per cent.

Speaking to newspaper FAZ, Heinz Hermann Thiele said: “I appreciate Spohr, but I’m not satisfied by his statement that everything was examined and that some ideas could not have been implemented”.

“I believe that negotiations could have been more intense”.