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Germany to complete Lufthansa privatization in fall

July 31, 1997

BONN, Germany (AP) _ The government intends to sell its 35.68 percent stake in the Lufthansa airline this fall, completing plans to privatize one of its most prized enterprises.

Steps to turn the company over to the private sector are part of the government’s efforts to raise money and plug holes in the federal budget. It needs to reduce its budget deficit to qualify for the European single currency, scheduled to debut in 1999.

The Transport Ministry said the Lufthansa shares are currently worth about 5 billion marks ($2.7 billion). At that price, the government stands to gain about 3 billion marks ($1.6 billion) this year from the share offering.

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