Shortly before the annual General meeting: Lufthansa payment of salaries prefers

The constellation is not without a certain symbolism: On Monday morning, the share price of Deutsche Lufthansa is for the first time in 32 years, no longer amon

Shortly before the annual General meeting: Lufthansa payment of salaries prefers

The constellation is not without a certain symbolism: On Monday morning, the share price of Deutsche Lufthansa is for the first time in 32 years, no longer among the 30 most important listed companies in the benchmark index, the Dax. Europe's largest airline had to stop because of the Corona pandemic in the past few months, the air traffic as far as possible and will now assign due to poor business development in the place in the Elite Segment of the stock market to the real estate group Deutsche Wohnen.

Sven Astheimer

editor responsible for the corporate reporting.

F. A. Z. Twitter

Almost at the same time, during a meeting in Berlin, the decisive turning point for the future of Lufthansa: the assistance package the Federal government on Thursday of the extraordinary General meeting as agreed by the waved, or everything is quite different, you must apply for the Lufthansa at the end of even insolvency? At the Meeting, will be in accordance with F. A. Z.-information to attend, two members of the government: Finance Minister, Olaf Scholz (SPD) and Economics Minister Peter Altmaier (CDU).

in addition, at the table, the Lufthansa CEO, Carsten Spohr, as well as the major shareholder Heinz Hermann Thiele will be reported to sit, as well as the "picture on Sunday". The latter had brought in the last week, once again moving in the matter, as it increased its share from 10 to 15 per cent, and in a conversation with the F. A. Z. the claim arose, to negotiate with the Federal government already agreed upon "rescue package" once more. Thiele concern was that the Federal government could prevent with the planned entry with 20 per cent of Lufthansa, the necessary restructuring of the Airline, if, for example, from the employee side, the pressure on the policy will increase.

Low shareholder participation requires two dreittel majority

After all, the Management had declared in view of the difficult business Outlook, that around 22,000 of the 138,000 to jobs would have to be put in the group as a whole for Disposition. At the same time Thiele had pointed to the future of Lufthansa's "non-or slow down" block. He is with the investment, not dividends, but for the preservation of the company. Nevertheless, Thiele's receivables and also as a threat understood. Because the 79-year-old entrepreneur who is one of the richest German, is by far the largest single shareholder, and thus has the majority of voting rights at the annual General meeting.

Are there represented less than half of the Voters, is in need of the aid package, a two-thirds majority. Then more fixes would be to organize against Thiele very difficult, especially as it is understood that other institutional investors are welcome to be critical questioning of the conditions of a state entry. Therefore, Lufthansa's Management and unions to advertise for days under small shareholders to ensure that these exercise their voting rights or transfer. Because the 50% Quorum should be exceeded, it is sufficient a simple majority for adoption.

Updated Date: 21 June 2020, 18:19

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