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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Lufthansa AG    LHA   DE0008232125

DEUTSCHE LUFTHANSA AG

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Deutsche Lufthansa : Lufthansa says it has not yet reached agreement with unions on crisis package

06/23/2020 | 05:22am EST
FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Germany

Lufthansa has not yet reached an agreement with unions on a package to cut staff costs, it said on Tuesday, adding to the pressure on the German airline before a crunch shareholder vote on a 9 billion euro bailout plan to be held on Thursday.

Germany's flagship carrier, hit hard by the coronavirus-induced travel slump, said talks with pilot union VC and cabin crew union UFO would continue ahead of the meeting in an effort to secure an agreement and pave the way for the state to take a 20% stake in the airline.

The bailout is also being complicated by shareholder Heinz Thiele, who owns a 15.5% stake and says the state, which would take two seats on the supervisory board, would have too much power.

An online meeting between Thiele and Germany's Economy minister Peter Altmaier and Finance minister Olaf Scholz on Monday proved inconclusive.

Thiele could abstain from the June 25 vote, veto the package, or take legal action afterwards, local media reports say.

Up to 22,000 jobs could be at stake at the airline. Services union Verdi said on Monday that further talks had been scheduled for Friday. Lufthansa said that showed Verdi was not prepared to come to an agreement before the shareholder meeting.

Shares, which had fallen 3.8% in Monday's session, were down by 1% at 1045 GMT.

(Reporting by Ilona Wissenbach and Vera Eckert, editing by Michelle Martin and Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE LUFTHANSA AG -0.79% 10.07 Delayed Quote.-38.64%
KNORR-BREMSE AG 0.69% 107.68 Delayed Quote.18.66%
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Financials
Sales 2020 14 074 M 16 836 M 16 836 M
Net income 2020 -5 831 M -6 976 M -6 976 M
Net Debt 2020 11 918 M 14 257 M 14 257 M
P/E ratio 2020 -0,90x
Yield 2020 0,02%
Capitalization 6 019 M 7 197 M 7 201 M
EV / Sales 2020 1,27x
EV / Sales 2021 0,79x
Nbr of Employees 124 534
Free-Float 81,5%
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Technical analysis trends DEUTSCHE LUFTHANSA AG
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Mean consensus SELL
Number of Analysts 22
Average target price 6,20 €
Last Close Price 10,07 €
Spread / Highest target 40,0%
Spread / Average Target -38,4%
Spread / Lowest Target -80,1%
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Managers
NameTitle
Carsten Spohr Chairman-Executive Board & CEO
Karl-Ludwig Kley Chairman-Supervisory Board
Roland Schütze Chief Information Officer
Christine Behle Deputy Chairman-Supervisory Board
Christina Weber Member-Supervisory Board
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