|Bid||8.60 x 948200|
|Ask||8.60 x 1900800|
|Day's range||8.41 - 8.71|
|52-week range||7.02 - 17.95|
|Beta (5Y monthly)||1.16|
|PE ratio (TTM)||N/A|
|Earnings date||05 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||08 May 2019|
|1y target est||N/A|
Cabin crew at Lufthansa have voted overwhelmingly in favour of a deal to stop pay rises and cut hours, the UFO trade union said on Saturday as the German airline battles to rein in losses due to the coronavirus pandemic. Lufthansa reached the deal in June with UFO, which represents 22,000 cabin crew, to reap more than 500 million euros ($592.05 million) in savings from shorter hours and an equivalent cut in pay as well as a temporary reduction in pension contributions. Lufthansa, which in June received a 9 billion euro government bailout to secure its future, said last week it expected capacity to recover to only around 50% of normal by the end of 2020 and to two thirds of last year's level in 2021.
German airline Lufthansa said on Thursday it had walked away from talks with union Verdi over a package to cut staff costs and would only return to the negotiating table if Verdi offers significant labour cost savings. "We have decided not to continue the negotiations with Verdi for the time being," a Lufthansa spokeswoman said. Verdi, which is negotiating on behalf of 35,000 Lufthansa ground staff, said the airline was demanding unreasonable pay cuts of up to 23% of employees' pre-tax salaries.
(Bloomberg) -- TUI AG reached an agreement with Germany for an extra 1.2 billion euros ($1.4 billion) in aid that could give the government a stake of as much as 9% in the world’s largest package-tour operator. The shares fell.An existing loan from state lender KfW will be increased by 1.05 billion euros, TUI said in a statement on Wednesday, while the WSF stabilization fund will invest in a 150 million-euro bond that can later be converted into a government-owned stake.The moves bring Hanover-based TUI’s total German state aid to 3 billion euros since the start of the Covid-19 pandemic, second only to the 9 billion euros provided to Deutsche Lufthansa AG and in line with the package made available to Adidas AG. The deal could give Germany a stake in a second high-profile carrier, after taking a 20% shareholding in Lufthansa.“TUI was a profitable company,” economics ministry spokeswoman Beate Baron told journalists in a press conference. “The measures are aimed at getting the company and the workers through the crisis.”Shares of TUI, which has its main listing in London, rose as much as 7.6% before reversing course to fall 4%. The company’s senior unsecured notes due 2021 jumped 9 cents on the euro to 86 after the announcement, the highest level since Jun. 19, according to data compiled by Bloomberg.TUI is cutting 8,000 jobs and halving its German fleet after lockdowns to contain the coronavirus dried up demand for vacations. The new funding is meant to help the company cope with further drops in demand for travel during the crucial summer months, as fresh restrictions affect countries such as Spain and force TUI to slow reopening plans.The company said the new money will give it sufficient liquidity to get it through the winter downturn and provide a buffer against further travel disruptions. Cash and available facilities stood at 2.4 billion euros.The government will get a 9.5% coupon on the convertible bond and the conversion price will be 40% lower than TUI’s share price once details are finalized.Conditions attached to the aid package include the suspension of dividends and restrictions on investments in other companies and boardroom pay.TUI also had to commit to job security measures for its employees in return for the aid, a government official said on condition of anonymity. The German government won’t take any supervisory board seats, the person said.(Updates with job-security conditions in final paragraph. An earlier version of this story corrected WSF’s role in the loan in the second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.