Germany gives state aid worth 9Bn Euros for Lufthansa

The German government finally decided to help its flagship carrier Lufthansa (LHAG.DE) with a state aid worth around 9 billion Euros ($9.74 billion) in return for a blocking minority and one or two commands from the Supervisory Committee, news outlet Business Insider reported on Tuesday.

According to Business Insider, German government representatives and Lufthansa had approved on those important details Monday. However, the Chief Executive Officer of Lufthansa, Carsten Spohr had not participated in the talks.

The news outlet said CEO Carsten Spohr preferred to officially finalize the deal on Tuesday together with Chancellor Angela Merkel and Finance Minister Olaf Scholz.

A week ago Reuters reported that according to its reliable source, Lufthansa intends to accept aid from Germany of 10 billion Euros this week after the pandemic forced the airline to ground almost all its fleet.

Federal Minister of Transport Andreas Scheuer stated on Monday that he supported securing Lufthansa but the carrier must continue to function flexibly.