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German government intends to reduce Lufthansa stake further -bank

German government intends to reduce Lufthansa stake further -bank

Reuters · 09/13/2022 14:48
German government intends to reduce Lufthansa stake further -bank

- The German government plans to reduce its stake in Lufthansa LHAG.DE acquired during the coronavirus pandemic, a bank commissioned to handle the transaction said on Tuesday.

The state's economic stabilisation fund wants to offer institutional investors around 74.4 million Lufthansa shares, corresponding to 6.2% of the airline's share capital, according to the statement by Deutsche Bank DBKGn.DE.

Deutsche Bank and Goldman Sachs GS.N are acting as joint global coordinators and bookrunners for the sale, the statement added.

Lufthansa Group was saved from bankruptcy during the pandemic by Germany, Switzerland, Austria and Belgium with 9 billion euros in June 2020. Germany took a 20% stake in the carrier, which German ministries said would be sold off by October 2023 at the latest.

Lufthansa shares closed down 1.5% at 6.32 euros per share on Tuesday.


(Reporting by Victoria Waldersee
Editing by Bill Berkrot)

((Victoria.Waldersee@thomsonreuters.com;))