Germany to sell part of Lufthansa stake

BERLIN, Aug 16 (Reuters) – Germany plans to sell up to a quarter of its 20% stake in Lufthansa (LHAG.DE) over the coming weeks, the German finance agency said on Monday, citing positive developments at the bailed-out airline.

Lufthansa shares fell as much as 4.9% to 8.81 euros in early trade after the announcement.

The state’s 20% stake was acquired for 300 million euros ($353.67 million) as part of a bailout for the German carrier as the company and the entire aviation sector took a battering from the coronavirus crisis.

Lufthansa had received a 6 billion euro package from Germany’s economic stabilisation fund (WSF), which was set up to help companies to ride out the pandemic.