German Government Acquires Majority Stake in Meyer Werft to Stabilize Shipbuilder

The EU has approved a €400 million investment by Germany and Lower Saxony, alongside guarantees for €2.6 billion in loans, to rescue the historic shipyard.

• The German federal government and Lower Saxony will jointly invest €400 million to acquire an 80.73% stake in Meyer Werft, a shipbuilder facing financial difficulties due to the pandemic's impact on tourism.
• The EU Commission approved the rescue plan, stating it raises no competition concerns, allowing the deal to proceed without legal hurdles.
• The investment includes state guarantees covering 80% of a €2.6 billion loan framework, enabling Meyer Werft to secure necessary financing for ongoing shipbuilding projects.
• The shipyard, which employs around 7,000 people, will reduce its workforce by 340 through a voluntary program as part of the restructuring effort.
• Meyer Werft is expected to play a role in Germany's renewable energy goals by producing key components for offshore wind farms, while plans aim to return the company to private ownership after stabilization.

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Sächsische Zeitung DER SPIEGEL Stern