Deutsche Lufthansa AG ( OTCQX:DLAKF ) was forced to cancel 800 flights on Friday after pilots went on strike. The German airline had to cancel almost all flights to and from Frankfurt and Munich.
Labor union Vereinigung Cockpit had called for more than 5K Lufthansa pilots to stage a 24-hour walkout after wage talks stalled once again. The union is asking for a 5.5% pay rise this year for pilots and automatic inflation adjustments for the future. Better terms for new pilots are also part of the negotiations.
Lufthansa's statement on the negotiations: "The management has made a very good and socially balanced offer, despite the continuing burdens of the Covid crisis and uncertain prospects for the global economy."
During Lufthansa's ( OTCQX:DLAKF ) last earnings conference call, CFO Remco Steenbergen observed that a 1-day strike cost the airline somewhere between €30M to €35M.
Shares of Lufthansa rose 3.29% on Friday after three weeks of selling pressure.
Deutsche Lufthansa AG earnings call transcript
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Lufthansa cancels 800 flights after pilots walk out