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 nine 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.

On the airline group, which this week announ­ced plans to cut 20 per cent of its leadership positions and 1,000 administrative jobs, Altmaier said the government would not stand in the way of lay-offs.

Published in Dawn, July 12th, 2020