A March 26th report indicates that German industrialist Heinz Hermann Thiele has increased his ownership of the Lufthansa Group to become the airline companies’ biggest single shareholder.
According to the aviation website, CH-Aviation quoting a stock market filing, the 78-year-old Munich-based billionaire has increased his stake in the Lufthansa Group from 5.29% to 10.01%. The decision to almost double his stake in the airline group follows a steep decline in the company’s share price due to the coronavirus pandemic which started in Wuhan, China.
Lufthansa shares have lost a third of their value
The purchase of the new shares, which was completed on March 16th, 2020, saw Thiele increase his ownership of the Lufthansa Group by 22.6 million shares or in monetary terms 195.5€ million (US$212 million).
Shares in the Lufthansa Group, just like in all airline companies have plummeted following the COVID-19 crisis with the current price as of March 25th, trading at 9.51€ ($10.31) down a third in price from the February 19th, 2020, price of 15.40€ ( $16.70).