Germany dares Lufthansa’s billionaire top shareholder to scuttle bailout

Germany stood by its E9b bailout plan for Lufthansa, daring the airline’s disgruntled top shareholder to shoot it down at a pivotal vote this week. With Lufthansa fighting for survival after the coronavirus outbreak punctured a decades-long global travel boom, billionaire Heinz-Hermann Thiele is threatening to block the rescue plan -- which would dilute his 15.5% holding and influence -- at a shareholder meeting scheduled for Thursday. But with the government signaling it’s unwilling to alter the package, the onus is on the 79-year-old investor to decide whether to support a deal he considers faulty or potentially trigger its rejection. The alternative would lead Lufthansa into uncharted waters, forced to reconfigure its survival plan with cash reserves running low and the threat of insolvency looming. The government stands firm on the agreed package, which will be the basis for the shareholder vote, German economy ministry spokesman Korbinian Wagner said Monday. The German government explained the terms of the rescue to Thiele in a meeting attended by Lufthansa CEO Carsten Spohr and the two ministers who brokered the bailout, according to a state official. The parties didn’t discuss what would happen if the package wasn’t approved by shareholders, the official said. German Finance Minister Olaf Scholz said the government had a “friendly” discussion with Thiele and Lufthansa, adding the deal is “good and balanced”. Story has more.<br/>