The logistics entrepreneur Klaus-Michael Kühne has advanced to become the largest private shareholder in Deutsche Lufthansa.

As reported, the billionaire has indirectly held 10 percent of the airline through his Kühne Holding AG since the beginning of this week.

At first they were satisfied with this position;

but it could also be that the stake is increased further, says the head of Kühne Holding, Karl Gernandt, in an interview with the FAZ

John Knight

Correspondent for politics and economy in Switzerland.

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Gernandt is Kühne's right hand;

he oversees its holdings and explores new investments.

He has enormous funds at his disposal for this: As the majority owner of the logistics giant Kühne + Nagel and a major shareholder in the container shipping company Hapag-Lloyd, Kühne Holding receives high dividends year after year.

Hapag-Lloyd's dividend for 2021 alone would be enough to build up a blocking minority at Lufthansa.

According to Gernandt, Kuehne Holding, which is privately owned by Klaus-Michael Kuehne, paid more than 800 million euros for the 10 percent stake in Lufthansa it has acquired so far.

"The entry is a logical step to expand the commitment of Kühne Holding in logistics in the direction of air freight," says Gernandt, describing the motivation for grabbing the shares.

And: “Lufthansa is an ideal destination for long-term investors like us.

We are financially strong and well acquainted with the matter.”

Blocking minority not in sight

There are no plans to link the various logistics companies under the Kuehne Holding umbrella.

Nothing should and will not change in the existing structures in the logistics and supply chains.

“We are very interested in the companies under the Kuehne Holding umbrella developing their own strengths.

We don't believe in the grocery store.

Everyone should do what they can do perfectly.” One wants to maintain the “individual pearls” and let them develop further.

As a shareholder at Hapag-Lloyd, Kühne has also had a concrete influence in the past.

Can this also be expected at Lufthansa?

No, Gernandt replies, they don't want to influence the airline's strategy, which has a strong management team.

"With a share of 10 percent, we are certainly not called upon to make clever comments from the sidelines." With the focus on the three fields of passenger transport, cargo and maintenance as well as the hubs in Frankfurt and Zurich, Lufthansa is in favor of the coming upswing in aviation well positioned.

However, Gernandt is interested in an exchange with the board.

"We want to be taken seriously and offer to enter into a strategic dialogue." After all, it is also attractive for Lufthansa

having a globally networked logistics expert as a shareholder and strategic partner.

“We want to be a competent investor who can perhaps help stabilize Lufthansa in difficult phases.

And in good phases we are happy.”

Kühne is considered a gnarly entrepreneur

According to Gernandt, there are currently no concrete plans to further expand the stake in the airline.

However, he indicates that an increase at a later date is quite conceivable.

Namely when the federal government blows to retreat.

The federal government currently holds 14.09 percent of Lufthansa through the Economic Stabilization Fund.

"The role of the federal government will be looked at as a partnership," Gernandt said meaningfully.

According to Gernandt, there are no plans to increase the stake to a blocking minority of 25 percent.

Because then one would possibly face antitrust problems because Kuehne + Nagel and Lufthansa would be in a customer relationship and could therefore be classified as affiliated companies.

Gernandt does not want to register an immediate right to a seat on Lufthansa's supervisory board.

But he let it be known that he thought it would be appropriate for Kühne Holding, as a major shareholder, to join the supervisory board sooner or later.

It is not to be expected that Klaus-Michael Kühne will personally join the Supervisory Board.

He had already been represented by Gernandt at Hapag-Lloyd (and at the Hamburg sports club HSV).

Kühne is considered a gnarly entrepreneur - just like Heinz Hermann Thiele from the supplier Knorr- Bremse , who had built up a stake in Lufthansa.

Thiele held more than 15 percent of the shares at the top.

After his sudden death, however, his heirs reduced their stake again.