BIL holds a 13.14% stake in Luxair and the bank’s president Luc Frieden in April had surprised the airline by saying the . He later said that had been taken but that the matter had been up for discussion for a while.

As an existing shareholder, the Luxembourg state has first right to buy if and when BIL decides to sell its stake. This would raise its participation from 39.05%.

“The state will position itself on the subject if official steps are taken under the statutes of Luxair,” finance minister Yuriko Backes (DP) said in answer to a parliamentary question this week.

“The bank confirmed to the press that no decision has been taken on the sale of this stake,” she said.

Other shareholders, who will also be able to call dibs, are state lender Spuerkeess (21.81%), holding company Delfin (13%), Luxair (10%), Luxair Finance (2.86%). The remaining 0.14% are listed only as “other” on the airline’s website.

In 2015, Lufthansa had exited Luxair, selling a 13% stake first to the state until a new buyer, Delfin, was found.

The aviation industry has been struggling to recover from the outbreak of the covid-19 pandemic in 2020. Luxair in 2020 of -€159.8m, which it was able to shrink to -€33.7m thanks to its booming cargo business.