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Lufthansa Shares Soar After Major Shareholder Backs Bailout Plan
The company struck a cost savings deal overnight with a union representing German flight attendants that would reap more than 500 million euros in savings.
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Lufthansa shares jumped more than 27% in early trade on Thursday after billionaire investor Heinz Hermann Thiele endorsed a 9 billion euro ($10.12 billion) government bailout to rescue the carrier hit hard by the coronavirus pandemic.
"I will vote for the proposal," Thiele, who owns a 15.5% stake in Lufthansa, told Frankfurter Allgemeine daily on Wednesday.
His endorsement amounted to a respite for the airline after fears had swirled that he might veto the proposed package, which would see Germany buy 20% of the company.
Shareholders are due to vote on the bailout at Lufthansa's virtual extraordinary general meeting on Thursday.
The company struck a cost savings deal overnight with a union representing German flight attendants that would reap more than 500 million euros in savings.
(Reuters)