German State to Sell Up to a Quarter of Its Stake in Lufthansa -- Update
16 August 2021 - 12:25PM
Dow Jones News
By Cecilia Butini and Olivia Bugault
Germany will sell up to a 5% stake in Deutsche Lufthansa AG
after acquiring a 20% share in the German carrier last year as part
of a broader state aid package aimed at helping the airline weather
the effects of the Covid-19 pandemic.
The German finance agency said Monday that the reduction of up
to a quarter of the government's stake in Lufthansa--which it had
acquired through its economic stabilization fund--will start today
and will take place over several weeks.
The decision was made as a result of the success of Lufthansa's
measures to face the crisis, the agency said.
Germany's economic stabilization fund was created last year in
order to support companies that were hit by the pandemic. The fund
then bought a 20% stake in Lufthansa for roughly 300 million euros
($353.9 million). It previously said that it would sell its entire
stake in the company by the end of 2023.
Lufthansa received a total of EUR9 billion in state-backed aid
last year when airlines saw the majority of their fleet grounded
because of the pandemic and needed cash to survive the crisis.
Shares at 0931 GMT were down 3.2% at EUR8.96.
Write to Cecilia Butini at cecilia.butini@wsj.com and to Olivia
Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 16, 2021 06:14 ET (10:14 GMT)
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