Status: 19.09.2021 9:46 p.m.
In the pandemic, the federal government saved Lufthansa from bankruptcy with an injection of billions. Now the group wants to collect fresh money from the shareholders in order to pay off the aid – and to get rid of the influence of the state.
Lufthansa wants to get rid of the state as a co-owner with a billion-euro capital increase. The gross issue proceeds will amount to 2.14 billion euros, as the airline announced. Investors can access it from September 22nd to October 5th at a price of EUR 3.58 per new share.
Lufthansa intends to use the proceeds from the capital increase to repay the two silent participations of the Economic Stabilization Fund (WSF), of which it has drawn 2.5 billion euros, by the end of the year. The first 1.5 billion euros are to be repaid in October, the rest by the end of the year.
The federal government’s economic stabilization fund had saved the airline from bankruptcy in view of the fallowing air traffic in the Corona crisis with an equity injection worth billions. The WSF held a 20 percent stake in the airline until mid-August, but then sold a good four percent “against the background of the company’s positive development”.
Spohr expects further consolidation
Lufthansa boss Carsten Spohr had recently emphasized that he wanted to regulate the repayment of German state aid with the current federal government. “We would like to clarify the situation with the current contact persons,” said the head of Germany’s largest airline almost two weeks ago.
The repayment of all state aid is also a prerequisite for further mergers and acquisitions among Europe’s airlines. As long as companies in the industry are supported by the state, they are prohibited from merging. Even before the Corona crisis, it was clear that there would be further consolidation, said Spohr.
The crisis practically pressed the pause button in this process. “The moment this government stabilization is paid back, this pause button will switch back to play,” said the manager. “Because we have way too many airlines in Europe.”