Germany plans to sell a stake in Deutsche Lufthansa AG worth as much as 458 million euros ($458 million), unwinding a part of the holding it took to keep the carrier flying during Covid lockdowns.

The government will sell as many as 74.4 million shares, equal to a 6.2 per cent stake in Europe’s largest airline, via an accelerated bookbuild to institutional investors, according to a term sheet released Tuesday.

Lufthansa last November repaid the last of its 9 billion-euro bailout ahead of schedule after the government acquired a stake that it’s recently been paring.

The latest move comes a day after Lufthansa said it reached an agreement with its pilots that raises pay for cockpit crew and excludes strikes for about a year in return.

Europe’s largest airline has been wrestling with a series of labour disputes that exacerbated an already chaotic summer travel season.

The price guidance for the sale is 6.09 euros to 6.15 euros per share, a 2.7 per cent to 3.7 per cent discount from the closing price. Lufthansa shares earlier fell 1.5 per cent.