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Bloomberg
German billionaire Klaus-Michael Kuehne has doubled his stake in his country’s flagship airline Deutsche Lufthansa AG, cementing his position as the carrier’s second-largest shareholder behind the government.
KA Logistik Beteiligungen GmbH, controlled by the the 84-year-old Kuehne, doubled its stake in Lufthansa to 10.01%, according to a filing. The investor plans to be a “long-term, stable and reliable partner†for Lufthansa, Kuehne Holding said in a statement.
Kuehne controls Switzerland-based Kuehne + Nagel International AG, one of Europe’s largest freight forwarders. With surging rates driving record profits, shipping companies have been on spending sprees. Rival MSC Mediterranean Shipping Co, controlled by Italian billionaire Gianluigi Aponte, agreed to buy the African transport and logistics business of Bollore SA and is in separate talks to take a majority stake in Italy’s ITA Airways, the successor to Alitalia.