The rescue package is Lufthansa can the state influence to limit the government and the group’s management have agreed on an aid package with a volume of € 9 billion. A blocking minority should not get the German state. The breakthrough in Berlin as well, the aid package Switzerland, for the Swiss complete. Jens Flottau0 KommentareEin part of their fleet parked the Lufthansa on the Berlin-Brandenburg airport. The flight operations will be expanded mid-June again. Photo: Tino Schöning (Reuters)
The state returns more than 20 years after the full privatisation of Lufthansa expected to be the largest single shareholder in the financially ailing airline. The economic stabilization Fund (WSF) will take over the Federal government in the framework of a capital increase of 20 per cent of the shares and two members for the Supervisory Board of the group name. The German state, but has no blocking minority, with the power to block decisions.
The rescue package that contains other components, has a volume of approximately 9 billion Euro. Questions of detail still need to be negotiated. WSF, the management Board and the Supervisory Board of the Airline, an extraordinary General meeting of shareholders, as well as the European Commission still have to agree.
The breakthrough is also good news for Switzerland, because the rescue package for the Swiss parent Lufthansa eliminates uncertainty and allows now, the final contracts for the proposed Swiss support to complete. Michel Huissoud, the Director of the Federal financial control, had declared in early may that the contracts are still in the design stage. The Plan provides that the Swiss and its sister company Edelweiss because of the Corona may still refer item to a maximum of 1.5 billion loan from a consortium of banks. In 85 percent of the total, the Federal government bears the default risk. Swiss Chef Thomas Klühr had declared that he expects the first Tranche of 300 million Swiss francs from the end of the month.
800 million per month
Lufthansa agent at the end of April is still a good 4 billion liquid, the melting, however, on a monthly basis by around EUR 800 million. The group is also around 1.8 billion in receivables from customers whose flights are cancelled and Tickets are not refundable.
The rescue package of the Federal government includes, in addition to the capital increase, a loan from the state Bank Kreditanstalt für Wiederaufbau in the amount of 3 billion Euro, as well as a silent participation of EUR 5 billion. With the participation of 20 percent, which he acquires for a nominal value of 2.56 euros per share, the state, initially under the so-called blocking minority, for which he would have to more than 25 percent of the shares.
However, he signed a convertible bond to the value of 5 percent plus one share. This would convert the state support Fund for WSF in shares, if an Investor would make a public takeover offer for the Lufthansa. In order to prevent that, for example, hedge funds can start cheap with the Airline and have access to the billions in aid to get.
The way of the state of Lufthansa’s supposed to help, was in the Federal government’s controversial. While the SPD demanded far-reaching rights of co-determination, urged the CSU to allow the company to largely free Hand. Out a compromise that apparently all of the pages to live the good life came.
Temporary dividend ban
With the participation of only 20 percent of the state remains below the originally envisaged share of more than 25 percent. According to the duty of notification to the stock exchange, the guarantee Fund WSF intends also “to the shares voting rights attached to the total only in exceptional cases, such as the protection against a Takeover exercise”. The CSU land group chief Alexander Dobrindt stressed, moreover, that it was not the objective, “that the Federal government can draw as quickly as possible from the company, if the crisis is overcome.”
Two seats on the Supervisory Board to be filled “in coordination with the Federal government”. Lufthansa had urged that representatives of the business move on behalf of the government to the Committee – so, as in the case of Airbus will be handled. Thus, the direct political influence of the feed should be done. With this demand, the Lufthansa now apparently. On the other hand, the group may pay no dividends to the shareholders. Also, the salaries of the management are to be capped.
Almost the same time as the Berlin agreement, the European Aviation Safety Agency (Easa) and the European Centre for Disease Prevention and Control (ECDC) Hygiene-have guidelines presented to make it possible for the European airlines, the air traffic coverage to resume, among other things, the authorities recommend the EU member States to adopt a mask of duty. The Airlines must fill accordingly, but all the seats on Board, a quarantine is foreseen neither for the crew nor the passengers.
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