The German state is about to join the country's largest airline. Economics Minister Peter Altmaier talks about the strategy behind the deal between Lufthansa and the federal government.
- Germany's flagship airline Lufthansa is financially in a tight spot because of Corona.
- The German state is putting together a multi-billion dollar rescue package for the crisis-ridden crane line.
- How much influence does this have? Federal Minister of Economics Peter Altmaier comments.
- You can find out more about this in our merkur app. We explain here how the download works *.
Frankfurt / Berlin - The start signal for the multi-billion dollar rescue of Lufthansa is delayed. Although the broad political framework for loans and state entry has been below a blocking minority since Wednesday, the Dax Group's supervisory board was not yet able to deal with details on Friday. The committee was also unable to convene the extraordinary general meeting required for capital measures.
According to Lufthansa, the shareholders' meeting has a loading period of four weeks. So far, the plans have provided for the federal government to provide nine billion euros and a minority stake of 20 percent of Lufthansa shares. What is the strategy behind it? And will the group become a state airline? We spoke to Minister of Economic Affairs Peter Altmaier (CDU).
Lufthansa rescue: Corona torpedoed "Germany's position on the world markets"
"The state is a lousy entrepreneur," you once said yourself. Does this suddenly no longer apply to the Lufthansa Group?
Peter Altmaier: That applies without restriction. Whenever possible, the state should resist the temptation to make entrepreneurial decisions, that was and is my attitude. At Lufthansa, however, there is something else: Here, a company with a long tradition, which was excellently positioned on the world market, came into major difficulties through no fault of its own due to the Corona crisis. We have to help such companies: It's about tens of thousands of jobs and it's about Germany's position on the world markets. I have not yet heard a serious voice that pleads to send Lufthansa and all of its employees into bankruptcy.
A protective shield for Lufthansa: The previous plans provide for the federal government to contribute nine billion euros to the airline company.
© dpa
How can the targeted participation be justified vis-à-vis Lufthansa’s private competitors, such as Ryanair?
Altmaier: Even after the corona pandemic, Europe's aviation industry needs strong players of its own in tough international competition. That is why we have already put together a rescue package * for the Condor. And that's why we are now helping Lufthansa. Other countries, such as France, support their airlines in a similar way.
Corona crisis bailouts: is there a nationalization orgy now?
The economic stabilization fund has 100 billion euros for investments. You could still buy a lot of companies. Is there now a nationalization orgy, as the FDP fears?
Altmaier: We don't make orgies and we don't buy large corporations. The FDP also wants Lufthansa to survive. Because of the Corona crisis *, the company needs both loans and equity. We are currently negotiating intensively on the exact structure of the support. We make sure that we stabilize the company, handle taxpayers' money responsibly, but do not interfere in individual operational decisions made by the company.
The federal government should give #Lufthansa 9 billion euros and still only receive a 20% stake, even though the company is only worth 4 billion euros on the stock exchange. No private investor would do such a bad deal!
@katdro https://t.co/jNAKtkgiGg
Again, are other companies on the list of future state holdings?
Altmaier: In addition to grants and loans, we have deliberately included the possibility of an increase in equity in our protection umbrella to help companies that are in serious trouble because of the corona pandemic * through no fault of their own. In this way we want to preserve the substance of our economy in order to secure jobs and prosperity even after Corona.
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In return, President Macron, who is not exactly a socialist, requires Air France to refrain from domestic flights because the state also supports rail in France. Do you make Lufthansa the same condition?
Altmaier: I don't think the French way is suitable for Germany at this point. Lufthansa AG is already investing heavily in sustainability and climate protection. We will also set clear priorities for climate protection as part of our upcoming economic stimulus program. But if you start with requirements for individual companies, the border to the state-controlled group blurs very quickly.
Federal Minister of Economics Peter Altmaier (CDU).
© dpa
Is it still the case that the state does not participate in companies that continue to pay dividends for their shareholders and bonuses for managers?
Altmaier: I agree with Finance Minister Olaf Scholz.
Will this be a state participation forever or is there an exit strategy? When does the federal government go out again?
Altmaier: For me as Minister of Economic Affairs it is clear from a regulatory perspective: After the Corona crisis * we need more market economy and more reluctance by the state. Therefore, there must and will be a clear exit strategy. The state will withdraw as soon as possible so that Lufthansa can manage on its own. This also applies to similar cases that we may still have to make decisions about in the future.
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