German flag carrier Lufthansa has announced that it will transfer several of its slots in Frankfurt and Munich airports.

This move was announced by the Lufthansa executive board after it came to an agreement with Germany and the EU Commission for the stabilisation package.

As per the statement, Lufthansa must transfer up to 24 take-off and landing slots to its competitors at each of the airports.

The slots correspond to three take-off and three landing rights for each aircraft daily or the removal of four aircraft at the airports.

New competitors can avail the slots only for one and a half years. However, if there are no new competitors for the slots, the current competitors at the respective airports will be offered the deal.

Companies can access the slots in a bidding process.

Only competitors in Europe who have not received any significant state recapitalisation amid the Covid-19 pandemic can take over the slots.

Lufthansa said: “The Supervisory Board must approve the stabilisation package negotiated with the WSF, including the commitments to the EU Commission.

“Subsequent to the Supervisory Board’s decision, the company intends to convene an Extraordinary General Meeting in the near future to obtain shareholder approval for the WSF stabilisation measures.”

Last month, Lufthansa was reportedly anticipating keeping hundreds of aircraft grounded until 2022 due to the Covid-19 pandemic.

In April, Lufthansa Group revealed its decision to permanently reduce its fleet size by phasing out six Airbus A380s, seven A340-600s and 11 Airbus A320s, as well as five Boeing 747-400s as the pandemic severely impacts air travel.