Germany will sell up to 25% of its stake in Lufthansa

Germany plans to sell up to a quarter of its 20% stake in Lufthansa in the coming weeks, the German financial agency said on Monday, citing positive developments at the rescued airline. Shares of Lufthansa fell 4.9% to 8.81 euros at the start of trading after the announcement.

The state share of 20% was acquired for 300 million euros as part of the rescue program for the German carrier, as the company and the entire aviation sector were severely affected by the coronavirus.

Lufthansa received a € 9 billion package from the German Economic Stabilization Fund (WSF), which was set up to help companies overcome the pandemic. WSF has said it will sell the full stake, which is currently worth more than 1 billion euros, before the end of 2023.

Lufthansa plans to issue new shares, presumably ahead of the September 26 parliamentary elections, which will help the company return the rescue funds to taxpayers.

Shareholders have approved a potential capital increase of up to 5.5 billion euros.

LHA.DE Chart:

Technically, the company’s shares have been on a downward trend since the beginning of March this year. The level of horizontal support of around 9.20 was broken today, with the potential formation of a triple bottom spoiled. Opening the price with a negative gap creates additional negative sentiments towards the company.

 Junior Trader Nikolay Nankov

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