Monday, 24 January, 2022

Germany okays 9b euro aid package for Lufthansa

Germany okays 9b euro aid package for Lufthansa

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FRANKFURT: Germany on Monday approved a 9 billion-euro ($9.8 billion) aid package for stricken airline Lufthansa to keep a major employer going through the turbulence of the coronavirus pandemic. But officials said Berlin was still in talks with the European Union's executive commission about possible conditions.

Economy Minister Peter Altmaier said the aid package is a "sustainable and reasonable" solution to keep the company going. "We have also ensured that over 100,000 people need not live in fear of imminent loss of their jobs," he said at a briefing in Berlin, reports agencies.

Conditions include the airline not paying a dividend and restrictions on management pay. The package conditions would also let the government block the possibility of an unwanted takeover. He said the government wasn't planning to interfere in the business of running the airline and intended to sell the stake eventually.

Altmaier said the government was in talks with the European Commission over its approval for the deal but declined to say what was at issue.