Lufthansa is to receive a rescue package worth a total of €9bn from the German government, which will own at least a fifth of the national carrier almost a quarter of a century after it was fully privatised.
The aid, which is subject to approval by the EU and shareholders, will include €3bn in loans via KfW, the country’s state-owned development bank, and will preclude the airline from paying dividends and constrain executive pay.
The country’s Economic Stabilisation Fund, set up to cushion the impact of the Covid-19 pandemic on German businesses, will pay €300m to buy new shares in the Frankfurt-based group at the nominal price of €2.56 a piece, bringing its stake to 20 per cent and diluting existing investors.
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