The setting sun illuminates the tail fin of a Lufthansa aircraft at the airport in Frankfurt, Germany, Tuesday, June 23, 2020. The German airline Lufthansa will hold its annual shareholders meeting on Thursday. (AP Photo/Michael Probst)

Lufthansa shareholders to vote on German rescue package

June 25, 2020 - 2:27 am

BERLIN (AP) — Germany's Lufthansa is seeking shareholders' support at an extraordinary general meeting Thursday for a 9 billion-euro ($10.2 billion) rescue package that would see a government stabilization fund take a 20% stake.,

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

Thiele had previously raised questions over his approval, prompting the company last week to warn that the package could be in danger and to plead with all shareholders to exercise their voting rights.

Hours before the meeting, Lufthansa and the UFO union, which represents cabin crew, said they had agreed on a deal that will allow the company to save more than 500 million euros ($554 million) through the end of 2023. UFO said it includes a four-year protection against layoffs for cabin crew.

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