German stabilisation fund cuts Lufthansa stake to below 10%

Germany's state Economic Stabilisation Fund (ESF) has cut its stake in Deutsche Lufthansa to less than 10%, the Federal Finance Agency said on Wednesday, citing stabler conditions at the group. The ESF took a 20% holding in Lufthansa as part of a government bailout to keep the airline afloat through the COVID-19 pandemic, and had previously reduced the share to 14.1%. The further reduction came "against the backdrop of Lufthansa's stable corporate development", the agency said. "The ESF will sell its remaining shares by October 2023 at the latest." The head of the agency, Jutta Doenges, added: "By falling below a shareholding of 10%, we have entered the home stretch to end the stabilisation measure for Lufthansa." The largest Lufthansa shareholder is now Hamburg billionaire Klaus-Michael Kuehne, with more than 15%. \<br/>