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Sports Lufthansa wants to get rid of State with billions of capital increase

09:55  20 september  2021
09:55  20 september  2021 Source:   de.reuters.com

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Lufthansa said on Sunday it would launch a capital increase that was expected to raise 2.14 billion euros (.51 billion ) to pay back part of a state bailout Germany's top airline received during the coronavirus crisis. Lufthansa said that based on its operating performance in July and August it expected to post positive adjusted earnings before interest and tax in the third quarter. Insiders told Reuters this year that Lufthansa was planning a capital increase of roughly 3 billion euros but Spohr has said lower pension liability had reduced the need for fresh capital in the past months.

FRANKFURT (Reuters) - Lufthansa said on Sunday it would launch a capital increase that was expected to raise 2.14 billion euros (.51 billion ) to pay back part of a state bailout Germany's top airline received during the coronavirus crisis. The subscription period for the widely-expected rights issue A number of funds under the management of Blackrock (NYSE:BLK) have entered into a sub-underwriting agreement for a total of 300 million euros as part of the capital increase and have committed to fully exercise their subscription rights, Lufthansa said. If it participates in the rights issue

Berlin (Reuters) - Lufthansa wants to get rid of the state as a co-owner with a 2.14 billion euros of heavy capital increase at the end of the year largely.

ARCHIV: Lufthansa-Flugzeuge auf dem Rollfeld des Frankfurter Flughafens, Deutschland, 25. Juni 2020. REUTERS/Kai Pfaffenbach © Reuters Archives: Lufthansa Aircraft on the Root Field of the Frankfurt Airport, Germany, June 25, 2020. Reuters / Kai Pfaffenbach

The capital measure should start before the general election, as the Group announced on Sunday evening. The Federal Government's Economic Stabilization Fund (WSF) had maintained the airline because of the air traffic brought in the Corona crisis with a billions of capital injection before the bankruptcy. Meanwhile, the Lufthansa looks light at the end of the tunnel. Now she wants to repay the two silent deposits of the WSF with the expected proceeds of the capital increase, of which they have used 2.5 billion euros, by the end of the year. The first 1.5 billion euros should be redeemed in October, the remainder by the end of the year.

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Europe's largest airline group Lufthansa , hit hard by the coronavirus pandemic, said Sunday it would seek to raise more than two billion euros with a capital increase . The German company said its executive board had agreed to a share issue from Wednesday and "the gross proceeds are expected to amount to 2.140 billion euros (.51 billion )". Lufthansa said the transaction, intended to improve its equity position and help repay state aid provided in the course of the pandemic, was underwritten by a syndicate of 14 banks.

Frankfurt Lufthansa carries out its announced capital increase . From September 22 to October 5, shareholders will have the opportunity to purchase new shares at a price of EUR 3.58. There should be a new one for an old share. The group is hoping for gross issue proceeds of 2.1 billion euros. That’s why Spohr and his team lowered expectations. The replacement of state aid is nonetheless firmly planned. Lufthansa has been able to secure some money for itself in the past few months through bonds and other measures.

"We have always made clear that we will only take the stability package as long as it is necessary," said Lufthansa boss Carsten Spohr. "We are therefore proud that we will redeem our promise now and repay the measures faster than originally expected." Now you can concentrate fully on the transformation of the Lufthansa Group. Because of the global impflacht steps and the abolition of travel restrictions, Lufthansa feels attractive demand. The crane airline therefore relies on an adjusted operational profit for the summer quarter. "Based on the operational development of the Group in July and August, Adjusted EBIT (without restructuring expenses) is expected to be positive in the third quarter," explained the Group. The capacity has risen to a good half of the pre-crisis level, with a capacity utilization of more than 70 percent in August.

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Lufthansa was saved from bankruptcy last June by a German government bailout. Tobias Schwarz. Europe's largest airline group Lufthansa , hit hard by the coronavirus pandemic, said Sunday it would seek to raise more than two billion euros with a capital increase . The German company said its executive board had agreed to a share issue from Wednesday and "the gross proceeds are expected to amount to 2.140 billion euros (.51 billion )".

Deutsche Lufthansa AG will raise 2.14 billion euros (.5 billion ) by offering new shares to its stakeholders, the airline said in a statement on Sunday.

The latest bookings indicate a continuing demand recovery. Similar to July and August, the Group expects the passenger numbers to achieve around half of the level of 2019 in the coming months, supported by a noticeable increase in business travel. In addition, the airfreight continues to worry about a lot of momentum.

within two years, the federal government must then resell its remaining shares of 15.9 percent in Lufthansa - if he participates in the capital increase and does not dilute its stake anyway. He opened on Sunday night, whether and in which altitude he contributed fresh capital. The WSF will only comment on the conclusion of the capital increase, said a spokeswoman of the German Financial Agency, which manages the WSF. If he true his subscription rights, it would cost him around 340 million euros. But he could also sell part of his subscription rights and draw new shares.

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Lufthansa said that based on its operating performance in July and August it expected to post positive adjusted earnings before interest and tax in the third quarter. Insiders told Reuters this year that Lufthansa was planning a capital increase of roughly 3 billion euros but Spohr has said lower A number of funds under the management of Blackrock (BLK.N) have entered into a sub-underwriting agreement for a total of 300 million euros as part of the capital increase and have committed to fully exercise their subscription rights, Lufthansa said. If it participates in the rights issue the ESF has

BERLIN (AFP) - Europe's largest airline group Lufthansa , hit hard by the coronavirus pandemic, said Sunday (Sept 19) it would seek to raise more than two billion euros with a capital increase . The German company said its executive board had agreed to a share issue from Wednesday and "the gross proceeds are expected to amount to 2.140 billion euros (S.38 billion )". Lufthansa said the transaction, intended to improve its equity position and help repay state aid provided in the course of the pandemic, was underwritten by a syndicate of 14 banks.

Blackrock wants to increase

in mid-August had started the WSF to reduce its share of 20 percent "against the background of positive enterprise development" to reduce the market by a good four percent. He was entered in the summer of 2020 to the nominal value of 2.56 euros. He had been set up to avoid important companies across the Corona crisis. The money from the partial sale - estimated 200 million euros - could also stuck the state in new Lufthansa shares without asking the EU Commission for permission. Financial sprayers of the state are otherwise considered state aid. One was in continuous exchange with the Brussels competitive counters, the spokeswoman only said.

The Lufthansa shareholders can relate a new to the capital increase of Wednesday (22 September) until 5 October for each of their shares. The price for the 597.7 million new papers is 3.58 euros per 56 percent below the closing price from Friday (8.21 euros). Compared to the price adjusted for the value of the subscription rights (TERP), the shares are offered at a discount of 39 percent. 14 banks have committed to take all new papers that Lufthansa does not hit their own shareholders - the proceeds is the Lufthansa with it. The US Fond Straw Blackrock is ready to buy new Lufthansa shares for up to 300 million euros. He had reduced his share of the airline shortly before the first Corona-Lockdown in March 2020 to less than three percent.

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