Germany is looking to raise as much as 458 million euros ($458 million) from the sale of a stake in Deutsche Lufthansa, unwinding part of the holding it took to keep the flagship carrier afloat during Covid-19 lockdowns.
The government plans to sell the equivalent of a 6.2% stake in Europe’s largest airline via an accelerated bookbuild to institutional investors, according to a term sheet released Tuesday. The listed price range is 6.09 euros to 6.15 euros, a discount to the closing share price in Frankfurt.
Lufthansa last November repaid the last of its 9 billion-euro bailout ahead of schedule, enabling the government to pare its stake at a significant profit.
Germany’s richest man may be a willing buyer after saying he wants to buy more shares in Europe’s biggest airline. Klaus-Michael Kuehne is looking to boost his 15.01% stake, according to a filing last week, after investing a chunk of a fortune made in logistics into the carrier.
The latest move comes a day after the airline said it reached an agreement with its pilots that raises pay for cockpit crew and excludes strikes for about a year in return. Europe’s largest airline has been wrestling with a series of labor disputes that exacerbated an already chaotic summer travel season.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI