Saturday, 30 May 2020 07:18 AM MYT
FRANKFURT, May 30 ― Germany and the European Commission have reached a pact on a giant Berlin-funded rescue plan for coronavirus-hit Lufthansa, a Commission spokeswoman and a source close to the negotiations said yesterday. The deal would see the German carrier cede eight planes and their associated landing rights, the spokeswoman and the source said.
The €9 billion German state lifeline, would see Berlin take a 20-per cent stake in the group, with an option to claim a further five percent plus one share to block hostile takeovers.On top of a total €5.7 billion in extra capital and 300 million to buy the shares at face value, public investment bank KfW would also lend Lufthansa three billion euros.
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