All of Germany is rescuing a private company. The state will have majority ownership of the “crown jewels”

He said Germany, as the world’s third-largest economy, needed a strong maritime industry. He called the Meyer Werft shipyard, which faces challenges, the jewel in the crown of industry and that its problems were not the quality of the ships it built. Scholz pledged that the government would contribute to solving these challenges.

He noted that the exact details of the government aid still needed to be worked out. The aid package would need to be approved by the Bundestag Budget Committee, which represents the lower house of the federal parliament, and the parliaments of the federal provinces where the shipyards are located.

Finance Chancellor Scholz is confident that the necessary coordination with the banks and the European Commission will succeed. He stressed that any possible state intervention would only be temporary.

According to the taggeschau portal, the Meyer Werft shipyard still has a bright future. Namely, the company reportedly has an order book worth more than 11 billion euros, which means stable jobs until the 2030s. Klix.

According to people familiar with the matter, the federal and provincial authorities will not only grant 900 million euros each to help the shipyard, but will also take a majority share (80-90%). That means that by 2027, the shipyard will become a state-owned company, at which point the Meyer family will have a seat on the supervisory board and the right to buy back shares.

If the state acquires a majority stake in the two shipyards owned by the Meyer family in Germany, the family will only own the Finnish shipyard. To prevent competition, all three shipyards will be merged into a European holding company.

The business associations believe that temporary state intervention is justified, but they believe that the state is not a better entrepreneur. The Shipbuilding and Maritime Technical Association (VSM) also opposes permanent state management of shipyards.

He wrote that Meyer Werft has enormous economic influence, employs thousands of people, and thousands more depend on the company directly or indirectly. Daily News.