Air traffic: Lufthansa rescue pays off for the German state – economy

What is new, however, is the increasing influence of the shareholder Kühne. Although he has announced in interviews that he wants to stay out of the operative business, according to information from the “Handelsblatt” he is aiming for at least one seat on the supervisory board. Kühne’s confidante Karl Gernandt is planned, who is to move into the control committee by the next general meeting on May 9, 2023 at the latest. The Swiss Kühne Holding AG of the Hamburg billionaire declined to comment.

In the course of the state participation, which has now ended, Lufthansa had appointed two supervisory boards, which were to take the interests of the WSF into account. It was the Hamburg port boss Angela Titzrath and the former boss of Munich Airport, Michael Kerkloh. According to the company, both are properly appointed and do not have to resign automatically.

Four states involved in Lufthansa support

The company leaves state care with a higher level of debt because the costly state aid was replaced with funds from private donors after the risk of insolvency had passed. The aid from Switzerland was also repaid. Spohr had always emphasized that he would rather be indebted to the capital market than to the taxpayer. However, state aid from Austria (EUR 210 million) and Belgium (EUR 287 million) is still open, as the company announced in its most recent quarterly report.

Germany, Austria, Switzerland and Belgium had grabbed the wings of the Lufthansa Group after the collapse of air traffic as a result of the corona pandemic. In total, they pledged nine billion euros to the group, with the lion’s share of the sum coming from Germany, Lufthansa’s home country. The WSF accounted for six billion euros, including the block of shares, while the state-owned KfW bank contributed a loan of one billion euros.