State reduces Lufthansa share to less than 10 percent
Dhe German state withdraws from the Lufthansa Next Back. The Corona rescue fund WSF has sold part of its Lufthansa shares “against the background of the stable company development” and has held less than 10 percent in the airline since last week, the federal finance agency announced on Wednesday. She oversees the Economic Stabilization Fund (WSF), which saved Lufthansa from bankruptcy in the Corona crisis.
The WSF initially took a 20 percent stake in Lufthansa for around 300 million euros, but had already reduced its stake to 14.1 percent. The largest Lufthansa shareholder is now the Hamburg billionaire Klaus Michael Kuehne with more than 15 percent.
For the most recent block of shares sold, the WSF alone should have pocketed more than 300 million euros. The papers are worth more than twice as much as when he joined. The WSF must sell the remaining shares by October 2023. “By falling below a stake of 10 percent, we are on the home straight to end the stabilization measure in favor of Lufthansa,” said the head of the finance agency, Julia Dönges.
The proceeds from the sale have already exceeded the sum that the state has taken into its own hands. Following a similar pattern, the federal government is now rescuing the gas importer Uniper, which got into trouble in the course of the dispute with Russia over gas supplies.