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World Lufthansa: Capital increase for state aid repayment

12:40  20 september  2021
12:40  20 september  2021 Source:   pressfrom.com

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The Lufthansa brings the course for the repayment of German state aids shortly before the general election. To this end, the company wants to spend new shares worth a total of more than 2.1 billion euros, as announced in Frankfurt.

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The money should flow into the repayment of the silent deposits, with which the German state had saved the aviation group in the Corona crisis in the past year before the economic.

On the stock market, the news after initial irritation arrived well. The course of the Lufthansa share sagged after trading start on Monday initially into minus, but then turned into the profit zone. Since the turn of the year, however, the paper has lost more than one-fifth value. Aerospace expert Daniel Roeska from the Analysis House Amber showed himself surprised by the timing of the capital increase. Maybe it would have been better to wait for clearer signs of recovery on the TVs and business trips.

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Lufthansa boss Carsten Spohr showed pride that the Lufthansa can now repay the aid levels. "We have always made clear that we will only use the stability package as long as it is necessary.» The net debt of the Group should decrease significantly by the capital increase. "We can now focus on the further transformation of the Lufthansa Group," Spohr said. The Group has reduced tens of thousands of jobs in the crisis. Most recently, he counted around 110,000 employees with around 110,000 employees than before Corona.

until the capital increase is completed and the money received at Lufthansa, it will now take place until after the general election, which takes place on 26 September. Thus, the new share certificates should be offered to shareholders from 22 September to 5 October in subscription ratio 1: 1 at a subscription price of 3.58 euros. This allows you to receive a new share for the purchase price for each existing share.

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commitments in the amount of nine billion euros

Germany, Austria, Switzerland and Belgium had the Lufthansa Group after the collapse of aviation as a result of the Corona pandemic with billions of gratuic financial assistance The arms gripped. Overall, they told the Group nine billion euros, the lion's share of the sum comes from Germany, the home country of Lufthansa. The neighboring countries made loans available to strengthen the consolidated subsidiaries Austrian, Swiss and Brussels.

The German State also rose as a shareholder with 20 percent at Lufthansa through the WSF economy stabilization fund (WSF). In addition, the WSF provided two silent deposits as equity, of which Lufthansa has used a total of 2.5 billion euros. The money from the capital increase wants you to repay these deposits - only 1.5 billion, then the remaining billion until the end of the year. A loan of the State Bank KfW of one billion euros has already been repaid.

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The WSF welcomed the planned capital increase as "entry into the exit" of the state at Lufthansa. He will continue to accompany the Group according to his position as "essential shareholder". The WSF is open to whether he participates in the capital increase. One will only comment on the conclusion of the capital measure, said a spokeswoman of the Federal Finance Agency on Monday.

The WSF has already retired his share participation and sells shares in the stock market. According to Lufthansa, he is currently still involved with just under 16 percent in the Group's share capital. If the WSF participates in the current capital increase, he will start at the earliest half a year after the sale of his shares, it was said. Then he must have completely sold his shares at the latest two years after the capital increase, unless the Group repays the silent deposits as planned.

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