GERMAN
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It is an unprecedented rescue operation: the German state will support Lufthansa in the corona crisis with a billion sum. In total, it is about nine billion euros: one part as a corona loan from the state-owned KfW, the other part as a silent contribution via the WSF. In return, the federal government becomes the largest shareholder in Lufthansa with 20 percent of the shares and sends two representatives to the supervisory board. In addition, he receives a convertible bond worth five percent plus one share - in an emergency he can convert it and has a blocking minority.
The problem with this is that the stake is above the ten percent mark and is therefore only possible with a capital increase - and this would dilute the previous Lufthansa shares. In addition, the EU Commission allows companies seeking help to only pay manager bonuses again when the protective state has reduced its share by three quarters. The exact details are still pending at Lufthansa.
The stock exchange traders held back with all too great leaps of joy about the agreement between Lufthansa and the state. Although the share rose strongly by six percent on Thursday, on Friday lunchtime the paper was only slightly up at 8,26 euros. And employee representatives are not only full of praise. "As far as we know, there is no safeguard, any condition in terms of jobs in this paper," said Nicoley Baublies, managing director of the flight attendants' union UFO to AviationDirect. "The state has failed to stand up here on behalf of thousands of taxpayers."
For weeks, the governing parties CDU, CSU and SPD argued about the exact form of the rescue package for the group. So the Social Democrats repeatedly urged that the federal government should exert a great deal of influence on the operational business of the crane, for example to protect employees and impose climate protection requirements. The Union, on the other hand, strictly rejected this and advocated silent participation. A middle ground has now been found.
