Lufthansa Group has sealed a €9 billion German government bailout after one of its top shareholders dropped their opposition to the state intervention.
Ahead of Thursday’s extraordinary general meeting (25 June), Heinz Hermann Thiele – who owns a 15.5% stake in the carrier – told a German paper he would vote for the proposal, Reuters reports.
His support was enough to get the deal over the line, with the German airline group previously warning it would collapse into insolvency if the deal did not go ahead as planned.
The German government will take a 20% stake in the group, and assume a number of board seats. The group, parent to Austrian Airlines, Brussels Airlines, SWISS and Eurowings, employs nearly 140,000 people.