Lufthansa shareholders vote on the German rescue package

Lufthansa shareholders vote on the German rescue package

BERLIN (AP) – Germany’s Lufthansa is seeking shareholder support at an extraordinary general meeting on Thursday for a 9 billion euro ($ 10.2 billion) bailout package in which a government stabilization fund would take a 20% stake.

The company, which also owns other airlines, including Austrian Airlines and Swiss, seemed on track to get the deal approved after major shareholder Heinz-Hermann Thiele told Frankfurter Allgemeine Zeitung newspaper that he would vote for it.

Thiele had previously asked questions about his approval, prompting the company to warn last week that the package could be compromised and request that all shareholders exercise their voting rights.

Hours before the meeting, Lufthansa and the UFO union, which represents cabin crew, said they had signed a deal that could save the company more than $ 500 million ($ 554 million) by the end of 2023. UFO said it provides a four-year layoff protection for cabin crew.

___

Follow AP pandemic coverage at http://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or distributed without permission.

.