Lufthansa shares up despite strikes

<p>Thousands of flights are being cancelled by German airline Lufthansa.</p>

The share price of German airline Lufthansa is up this morning (April 2nd), despite the company announcing thousands of flights scheduled to take place this week are to be cancelled.

Hundreds of thousands of passengers are expected to be affected by the cancellations, which are due to three days of strike action by pilots, who are unhappy with working conditions and pay.

"A strike of three consecutive days would be one of the biggest walkouts in Lufthansa's history," the company said in a statement.

The pilots' union, Vereinigung Cockpit, has been in discussions with the airline for several months, but has called the strike action due to a lack of progress, reports BBC News.

It is claimed by the union Lufthansa failed to make a "negotiable offer" during the two years of pay negotiations between the organisations.

By 09:37 BST, the share price of the German airline was 1.42 per cent up compared to the start of the day's trading on the Xetra, but these gains had slipped to 0.62 per cent by 11:19 BST.

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