BERLIN (GERMANY) – Lufthansa shares jumped more than 27% in early trade on Thursday after billionaire investor Heinz Hermann Thiele endorsed a 9 billion euro (£8.15 billion) government bailout to rescue the carrier that has been hit hard by the coronavirus pandemic.
“I will vote for the proposal,” Thiele, who owns a 15.5% stake in Lufthansa, told Frankfurter Allgemeine daily on Wednesday.
His endorsement amounted to a respite for the airline after fears had swirled that he might veto the proposed package, which would see Germany buy 20% of the company.
Shareholders are due to vote on the bailout at Lufthansa’s virtual extraordinary general meeting on Thursday.
The company reached a cost savings deal overnight with a union representing German flight attendants that would reap more than 500 million euros in savings.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field
