The logistics entrepreneur Klaus-Michael Kühne has acquired Europe’s largest Arline Group and is now the largest single shareholder.
(Photo: IMAGO/Arnulf Hettrich)
Frankfurt Klaus-Michael Kühne uses Lufthansa’s low share price to make additional purchases. The logistics company has increased its stake in the airline from 10 to 15 percent. This emerges from a mandatory notification by Lufthansa. Kühne joined Europe’s largest airline group in March. The shares are held by Kühne Aviation GmbH. It is now the largest single shareholder in “Hansa” ahead of the Federal Economic Stabilization Fund (a good 14 percent).
Karl Gernandt, Executive Chairman of Kühne Holding AG, supported Lufthansa on Tuesday despite the major problems in flight operations. The entire economy as well as the logistics industry are currently facing major challenges, he told the Handelsblatt on request.
Nobody could have foreseen these enormous changes caused by the pandemic. “As a long-term investor, Kühne Holding is a partner at Deutsche Lufthansa’s side and trusts in the strength of the company, which is well balanced overall with its three divisions of Technology, Cargo and Passenger.”
The share purchase can be seen as a commitment to Lufthansa. The company is currently in the midst of severe turbulence. There is a lack of staff both at partners such as airports and within the company itself. As a result, 3,100 flights were withdrawn from the program in July and August. Nevertheless, there are still long queues at the airports and flight cancellations at short notice – to the great annoyance of the passengers.
Top jobs of the day
Find the best jobs now and
be notified by email.
Employee representatives accuse management of having reduced the workforce too much and reacting too late to the recovery. At the request of the Verdi union, the supervisory board met for a special meeting on Wednesday to find out about current developments.
According to information from those close to the control committee, the approximately two-and-a-half-hour meeting went smoothly and objectively. The management has presented measures with which the chaos should at least be brought under control.
Kley: “I’ve never seen such an accumulation of problems”
After the meeting, the head of the supervisory board, Karl-Ludwig Kley, commented on the current disaster for the first time. The situation is extremely difficult and extremely tense, he said in an interview circulated within the company. “I’ve never seen such an accumulation of problems in my career. And that also makes the untangling of the threads so difficult.”
Kley admitted that the current situation is a major burden for the workforce. “The situation is horrible for our employees on the ground and in the air.” He hears unbearable stories of aggression and sometimes even physical attacks, of desperation and tears, of helplessness and loyalty to Lufthansa at the same time. “But can I really understand how that feels? Probably only those directly affected can do that, only those who stand there every day and do their best.” He thanks the employees, “even if some will say: just a few empty words”. There are still words of thanks that come from the heart.
However, the chief inspector does not think that it is time to analyze the causes of the crisis in the short term: “Should we put our strength into working through everything here and now? From my point of view no. Now we have to get the mess under control.”
The supervisory board members are deeply concerned about the operational situation, Kley continued: “But we are also convinced that the measures that have now been introduced, such as flight cancellations, stabilization of flight operations or additional staff, will gradually be successful.” Airports and other service providers are on the right track.
More: Flight chaos causes a heated debate on the Lufthansa board