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German govt to gain 25.1% stake in Lufthansa bailout: report

Lufthansa is seeking a €10 billion bailout that would give the German government a massive stake in the airline, Der Spiegel reports. The German flag carrier has said it is losing €1 million an hour due to the pandemic.

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2 May 2020
Lufthansa is seeking a €10 billion bailout that would give the German government a massive stake in the airline, Der Spiegel reports. The German flag carrier has said it is losing €1 million an hour due to the pandemic.
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The CEO of French aerospace giant Safran has warned of major job cuts in the coming months, and the need for a bailout of the aerospace industry because of the plunge in travel during the coronavirus crisis. Some 45 percent of the company's revenue is earned directly from airlines. Philippe Petitcolin told FRANCE 24: "This business… has totally disappeared over the last two months." He warned of significant job cuts to come at the company, which employs around 95,000 people globally.
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The German airline group Lufthansa says it will undergo "far-reaching restructuring" after reporting a net loss of €2.1 billion in the first three months of the year. The changes will include job cuts at its Brussels Airlines and Austrian Airlines brands. Lufthansa's board agreed on Tuesday to a €9 billion German government rescue loan to help it through the crisis. Also today, shares in French carmaker Renault jumped in early trading in Paris after it formally secured a €5 billion government-backed loan to shore up its finances.
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