BERLIN - Germany will take further stakes
in companies threatened by the coronavirus crisis, Economy
Minister Peter Altmaier said, adding that "probably a few dozen"
firms might follow airline group Lufthansa in passing
into partial state ownership.
Shareholders backed a 9 billion euro government bailout last
month, securing the future of Germany's flagship carrier after
it was brought to the brink of collapse by the travel slump
caused by the pandemic.
In an interview with Saturday's Frankfurter Allgemeine
newspaper, Altmaier said: "We're talking about perhaps a few
dozen cases. In these very limited number of cases we will use
the possibilities offered by the economic stabilisation fund,
including taking a stake where appropriate."
It was also possible that the state would buy into other
strategically important companies, like vaccine maker CureVac,
in that case fending off an attempt by the United States
government to buy it.
"I've always made it clear that state stakes must be an
absolute exception," he added.
German Economy Minister, Peter Altmaier, rear, and German Finance Minister Olaf Scholz, front, attend a meeting of the German federal parliament, Bundestag, at the Reichstag building in Berlin, Germany, Thursday, July 2, 2020. (AP Photo/Michael Sohn)
On the airline group, which this week announced plans to cut
20% of its leadership positions and 1,000 administrative jobs,
Altmaier said the government would not stand in the way of
lay-offs.
Turning to another major company in which Germany holds a
large stake, Altmaier said a decision on the 15% stake in
Commerzbank it took to ward off its collapse during the
financial crisis would be made next year.