Remedial measures are being taken throughout Europe to save airlines from bankruptcy due to the pandemic. The latest news comes from Lufthansa and by EasyJet.
The European Commission has given the green light to the plan that will allow the German state to inject in the colossus of the skies 9 billion euros: 6 fresh capital and 3 as loan guarantees to Deutsche Lufthansa (DLH), parent company of the Lufthansa Group. The Berlin government will thus become the company's first shareholder with the 20%.
The state will then oust the billionaire Heinz Herman Thiele, which is currently the majority shareholder of Lufthansa with 15,5%. Up until Wednesday, Thiele had said he was against the plan, but in the end he changed his mind: "In the assembly, I will vote in favor of the draft agreement," the 79-year-old said in an interview with the Frankfurter Allgemeine Zeitung. The unblocking of the story gave the share a sprint on the Stock Exchange: +15,6% at 11:37 on Thursday morning, at 10,32 euros.
The plan "is a substantial contribution that will help Lufthansa face the crisis that has hit the airline sector particularly hard - said the European Commissioner for Competition, Margrethe Vestager – but that help comes with measures to ensure that the state is sufficiently remunerated and to limit distortions of competition. In particular, Lufthansa has committed to making slots and additional resources available at its hubs in Frankfurt and Munich, where the company has significant market power. This gives competing carriers access to these markets, ensuring fair prices and more choice for European consumers."
The European Commission he judged Lufthansa's bailout plan adequate because it does not exceed the minimum amount necessary to guarantee the profitability of DLH and does not go beyond the restoration of the capital position prior to the epidemic.
Meanwhile, in the night the union of the flight crew and the company's management have reached an agreement which will make it possible to save 500 million. The agreement provides for the freezing of remuneration, a series of early retirements and redundancy periods for stewards and hostesses.
As it regards instead EasyJet, the British airline has announced that it has received an injection of 419 million pounds (equal to 463,5 million euros) through the issue of new shares that will allow it to strengthen. The company expresses satisfaction in a note for the support received from old and new shareholders who subscribed for the shares in a few hours at a price of 703 pence, i.e. 5% less than at the close of the Stock Exchange on Wednesday.
