Germany's Altmaier opposes active state role at Lufthansa

Germany is working on a “concrete model” to aid Lufthansa, Economy Minister Peter Altmaier said Sunday, amid a political row over whether the state should take a strategic shareholding and play an active role in the stricken airline. Altmaier’s comments followed calls by the Social Democratic Party, junior partners in Chancellor Angela Merkel’s ruling coalition, to tie aid for Lufthansa to protecting jobs, cutting the dividend and giving the government a say on strategy. “For me it’s important that we don’t exert any influence on business decisions. That has never worked in the past,” Altmaier said. Lufthansa said Thursday it was negotiating a E9b bailout with Germany’s economic stabilisation fund after the coronavirus pandemic slashed travel by 99% and forced it to ground 700 aircraft. The package includes a non-voting capital component - known as a silent participation - a secured loan, and a capital increase that may leave the government owning up to 25% plus one share. While Altmaier and Merkel’s conservatives oppose a direct state investment, the opposition Greens have said that a silent participation would be unacceptable.<br/>