Economic Stabilisation Fund took a 20% holding in Lufthansa as part of a government bailout to keep the airline afloat through the COVID-19 pandemic
Germany’s state Economic Stabilisation Fund has cut its stake in Deutsche Lufthansa to less than 10%, the Federal Finance Agency said on Wednesday, citing stabler conditions at the group.
The further reduction came “against the backdrop of Lufthansa’s stable corporate development,” the agency said. “The ESF will sell its remaining shares by October 2023 at the latest.” The largest Lufthansa shareholder is now Hamburg billionaire Klaus-Michael Kuehne, with more than 15%. Labour union Verdi had called for the walkout, which is due to run until 6 a.m. on Thursday, over its demand for a 9.5% pay hike for around 20,000 workers, and warned that more industrial action could be on the cards.
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