Lufthansa shareholders approve huge bailout plan

The shareholders of the German aeronautics group Lufthansa approved this Thursday with 98% of votes the rescue plan of 9,000 million euros (more than US $ 10,100 million), which implies the return of the State to the capital of the company. The rescue operation had cleared its way, after the company’s main shareholder announced that it would vote in favor of the plan. The vote in the general assembly raised the last obstacle to the implementation of the plan. ” We will make this work , ” said the president of Lufthansa , Karl-Ludwig Kley .

” I will vote in favor of the draft agreement ” which provides in particular for the return of the State to the capital of the German group , the 79-year-old shareholder Heinz Hermann Thiele had told the Frankfurter Allgemeine Zeitung (FAZ) newspaper . So far Thiele, who owns 15.5% of the company’s capital, has threatened to block the rescue plan.
The likely arrival of the German state to Lufthansa shareholders initially caused Thiele’s criticism, fearing that the government would oppose the cut in cash, necessary according to him to straighten the company and raise the price of the stock on the stock market.

Now he seems convinced that the company will do the same with the presence of the State in its capital. ” It is in the interest of all Lufthansa employees that management can quickly conduct negotiations with the unions on the necessary restructuring ,” Thiele told FAZ on Wednesday.