To all those who - driven by the desire for regulatory clarity - see a Lufthansa without a state shareholder close, let me say: It is not that far yet.
The federal government is now selling a quarter of its stake.
Before the election, the government can therefore counter critics of the large-scale aid for high-emission planes that they have actually earned well from their gift.
But if the state were to quickly throw the rest of the stake on the market, it would destroy Lufthansa’s plan to soon be financially on its own two feet again.
The project should only succeed if the federal government first buys shares again - if Lufthansa implements its capital increase.
With the income, the group will and must then replace expensive financial government loans in the long term.
If the federal government, as the largest shareholder, were not to go along with it, it would send a fatal signal to the capital market, especially since the recovery in air traffic has recently fallen short of expectations.
The partial sale is an entry into the exit of the federal government.
The shadow of the corona crisis remains long for Lufthansa.