Back to normal: German state seeks to gradually divest from Lufthansa
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Based on the expected recovery in demand, the German government plans to sell up to a quarter of its 20% stake in Lufthansa in the coming weeks.
The state investment fund WSF (Wirtschaftsstabilisierungsfonds- Economic Stabilization Fund) will soon offer 5% of Lufthansa on the capital market, holding the remaining 15% no later than 2023, at which point it will divest its entire stake.
The WSF came to the holding company’s rescue last year, at the peak of the pandemic, when Lufthansa’s operations had ground to a halt. The state took a 20% stake in the company for €300 million ($353.67 million) and made available a €6 billion aid package, which was set up to help companies overcome the pandemic.
In addition to this package, Lufthansa received a further €3 billion in guarantees from the state-owned bank KfW. The holding company plans to issue new shares to continue recovering private capital and to be able to repay the state money received, which will eliminate the need for government controls over the group’s decisions and operations.
Lufthansa shareholders approved a potential capital increase of up to €5.5 billion, which would give the conglomerate a strong position in the post-pandemic recovery scenario.
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