Deutsche Lufthansa AG (LHA.DE)
- The Telegraph
Britishvolt’s gigafactory site sold off in electric car blow
US private equity investors have bought the site of what had been hoped would become Britain’s first electric car battery gigafactory in a blow to Britain’s net zero ambitions.
- Reuters
Lufthansa slashes 2024 outlook, citing strikes and capacity snags
BERLIN (Reuters) -Lufthansa slashed its 2024 earnings outlook on Monday, blaming a series of strikes and a slower than planned ramp-up of capacity, in a profit warning that sent its share price sliding by more than 4% to a five-month low. The German flag carrier now expects adjusted earnings before interest and taxes (EBIT) of 2.2 billion euros ($2.3 billion) this year, it said in a statement, versus a previous forecast for stable earnings compared with its 2.68 billion euro adjusted EBIT result in 2023. Adjusted free cash flow in 2024 is expected to be at least 1 billion euros, down from the previous forecast of at least 1.5 billion, it added.
- Reuters
Lufthansa offers concessions to gain EU nod on ITA takeover
German airline Lufthansa has offered concessions aimed at securing EU antitrust approval for its acquisition of a minority stake in Italian carrier ITA Airways, an update on the European Commission website shows. Lufthansa's remedies could include ceding airport slots, traffic rights and planes to a rival, similar to those in a Korean airline deal approved by the Commission, a person with direct knowledge of the deal has told Reuters. Lufthansa's plan to buy a 41% stake in state-owned ITA for 325 million euros ($346.3 million) and British Airways owner IAG's bid to buy out Spain's Air Europa are part of sector consolidation as European carriers seek to compete better against U.S. and Gulf rivals.
