June 25, 2020 / 5:59 PM / 9 days ago

Germany's Scholz greets shareholder approval for Lufthansa rescue

FILE PHOTO: German Finance Minister Olaf Scholz attends a news conference, amid the coronavirus disease (COVID-19) outbreak, in Berlin, Germany, June 17, 2020. REUTERS/Annegret Hilse/Pool

BERLIN (Reuters) - German Finance Minister Olaf Scholz welcomed shareholders’ backing on Thursday for a 9 billion euro ($10 billion) government bailout of airline Lufthansa (LHAG.DE), saying it gave the firm time to recover.

“This is very, very good news. Good for the company, for the workers at Lufthansa and for Germany,” he said, adding the company had been fundamentally healthy but was hit by the COVID-19 pandemic. “Now it can concentrate on recovering.”

The investment must not burden taxpayers, said Scholz, adding the state’s involvement was only for a limited time and when the carrier was fit again, it would sell the stake, hopefully at a small profit.

Reporting by Madeline Chambers

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