The German government announced Monday that it would sell a portion of its 20 percent interest in Lufthansa that it acquired last year to help the airline survive the coronavirus pandemic.
The share was part of the airline’s €6 billion ($7 billion) bailout plan to help it survive the COVID crisis.
The government wants to sell a fourth of its stake in the airline, citing improved performance in recent years.
The Economic Stabilization Fund (WSF), which owns shares in Germany’s flagship carrier, stated that it is “selling a limited part of its interest.”
The WSF stated that Berlin would lower its shares by a maximum of 5 percent “over several weeks.”
A German government bailout saved the Lufthansa Group, including Austrian, Swiss, and Brussels Airlines, from bankruptcy last June.
Last year, when airlines saw the bulk of their fleet grounded due to the epidemic and required funds to survive, Lufthansa got a total of €9 billion in state-backed aid.
© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.