German state eyes majority takeover of Meyer Werft

According to reports from German media outlets RND and NDR, the German federal government and state government could acquire up to a 90% stake in the troubled Meyer Werft shipyard.

Meyer Werft, a major shipbuilding company based in Papenburg, has been grappling with severe financial difficulties for an extended period. The shipyard urgently needs capital to meet its debt obligations due later this year.

In July, German Chancellor Olaf Scholz indicated the federal government’s willingness to participate in rescuing the struggling shipyard. Now, it appears that both the federal and state governments of Lower Saxony are poised to step in.

The proposed rescue plan would see the government entities split a 90% stake in the company equally, leaving the Meyer family, the current owners, with just a 10% share in the Papenburg-based shipyard.

Group restructures amid mixed fortunes for european shipyards

The proposed rescue plan would see the government entities split a 90% stake in the company equally, leaving the Meyer family, the current owners, with just a 10% share in the Papenburg-based shipyard.

This development comes on the heels of Meyer Group’s announcement in early August about restructuring its company. The plan involves merging Meyer Werft and Neptun Werft in Rostock under a new umbrella company called Meyer Neptun.