We can't let us make: Merkel is angry about EU requirements for Lufthansa rescue

With a complex mix of loans, investments and rules the Federal government wants to preserve the ailing Lufthansa before the crash. But what Brussels says the pr

We can't let us make: Merkel is angry about EU requirements for Lufthansa rescue

With a complex mix of loans, investments and rules the Federal government wants to preserve the ailing Lufthansa before the crash. But what Brussels says the proposals?

Nine billion euros aid, but also clear requirements for environmental, dividends and Executive bonuses: The government support package for Lufthansa, as the German government and the company said on Monday. However, the EU must agree to the Commission, as the Lufthansa Supervisory Board and the annual General meeting. The package provides a number of AIDS and equity measures in the amount of nine billion euros.

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EU: Lufthansa Start and land rights

make According to a report in the "Handelsblatt", the Commission plans to take the Lufthansa competition, legal considerations, valuable takeoff and landing rights at the main locations Frankfurt and Munich. Participants of the CDU-Unlock confirmed on Monday Merkel's decisive Occurrence. The Chancellor said that she wanted to be by the EU-Commission is not "too much" in talk. "We will not leave with us," Merkel said at the meeting of the CDU Presidium on Monday morning, according to the sheet. According to the words of economy Minister Peter Altmaier (CDU) are still a few issues with the EU to clarify Commission. It is essential that Lufthansa could continue at the site in Germany will continue their successful work in the previous scope.

Apart from Merkel also Bouffier and Söder attack EU

the Prime Minister of Hesse Volker Bouffier (CDU) has called the demands of the EU Commission's "non-foreign": "We must try by all means that the important international air traffic hub, Frankfurt is not restricted, and thus the danger is that the importance of air transport and the economy will be limited." imago images/Jens German Chancellor Angela Merkel Chic at a Cabinet meeting in Berlin.

in Bavaria, the Prime Minister, Markus Söder (CSU), is also working for the German Airline and is contrary to the Brussels ' demands. A discrimination of the Lufthansa in favour of Low-Cost providers could not give it, that would be "a fatal Signal". The Federal government should not accept this.

Verdi: competitiveness at risk

Also the trade Union Verdi said that valuable takeoff and landing rights should not be provided to competitors will be awarded. This is not going to only the competitiveness of the Lufthansa, but also jobs.

The state's economic stabilization Fund (WSF) had agreed on Monday to the package. The Federal government had set up this Fund to you in the event of an emergency, a large and important company involved. Lufthansa said in a mandatory notice to the stock exchange, the Board of Directors in favour of the package. dpa/Uli Deck/dpabild airport Frankfurt am Main.

The Fund is intended to contribute silent participations out of a total of up to 5.7 billion euros in the assets of Deutsche Lufthansa AG. It is provided for a rising interest rate, initially 4 percent to 9.5 percent. In addition, the WSF will draw in the way of a capital increase in shares, a stake of 20 per cent of the share capital of Lufthansa build. The WSF could also increase its share in the share capital to 25 per cent plus one share - in order for a hostile Takeover could be blocked.

Up to 3 million Euro loan for Lufthansa

a loan in the amount of up to EUR 3 billion, with the participation of the state Bank, KfW, and private banks with a maturity of three years is also Planned. It should be according to the communications conditions, such as a waiver of any future dividend payments and restrictions on management compensation. In addition, the group is committed to renew its fleet with more fuel-efficient aircraft. In the Supervisory Board, two seats, in coordination with the Federal government, should be staffed with experts. At future General meetings should be included in the WSF, however, is the voice. Glomex Federal Finance Minister, Olaf Scholz.

The Federal government wants to get out to the Corona-crisis only in the case of Lufthansa, if it is worthwhile economically. The time depends on the location and the skill of the company, said Finance Minister Olaf Scholz (SPD). Aim for at least a small profit to help the state, the Corona utility to refinance measures. "If the company is back on the road, then the state will sell its shares," said Scholz.

Altmaier: No interference in the day to day business

Altmaier, called the package viable and reasonable. The workers should have no fear of a job loss, the interests of taxpayers are safeguarded. The Federal government will not interfere into the daily business - make sure that the Lufthansa is protected against a sale to foreign investors.

The Lufthansa was in the Corona-crisis under severe pressure. In the Lufthansa group with about 138 000 employees, tens of thousands of jobs are at stake. Densely Packed mob to Corona Party: hundreds of Americans pads FOCUS Online ignore/Wochit Densely Packed crowd on the Corona-Party: hundreds of Americans pads

cba/with Agency material to ignore
Updated Date: 25 May 2020, 17:26

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