- The German administration opted to collaborate with Meyer Werft
The government of Lower Saxony has chosen to invest in the struggling shipyard, Meyer Werft. As stated by Lower Saxony's Finance Minister Gerald Heere (Greens), in Hannover, "Our involvement will establish the foundation for the preservation and future-oriented transformation of the shipyard." The state will acquire a 40.4% stake in the shipyard for 200 million euros, with the federal government also contributing 19.2%. The Meyer family will maintain its 19.2% stake.
Moreover, the shipyard requires assurances to secure new loans for shipbuilding to bridge a substantial financial shortage. The federal and state governments are prepared to offer these guarantees, approximating around one billion euros each. The planned rescue is justified by the state government due to the potential job losses at the shipyard, exceeding 20,000 in Germany, and the need to preserve the German maritime industry.
Following the cabinet's decision, approval from the budget committee in the state parliament is still required.
Heere clarified that the state's substantial investment signifies the company's economic importance, not just for the region, but for Lower Saxony and Germany as a whole. However, Heere further mentioned that the state does not aim to remain the majority shareholder indefinitely. He said, "Of course, this shouldn't turn into a decade-long commitment." Lower Saxony's Economics Minister Olaf Lies (SPD) added, "Once the shipyard recovers, I'm certain there will be interested parties."
When asked if the state would become a shipbuilder, Lies stated, "We are investors in a company. Our role is to ensure the company's stability and future viability. We have no intentions of building ships ourselves."
Lies described this step as "a piece of a restart." The goal is to establish fair structures for the company, including a holding company with locations in Papenburg and Rostock, a works council, and an equally-composed supervisory board. The employee side will be represented by six members, joined by one member from the Meyer family and five representatives from the federal and state governments. The selection of the state government representative for the supervisory board will be determined within the cabinet.
Meyer Werft has been given a deadline of mid-September to clarify its financing, requiring nearly 2.8 billion euros for new shipbuilds to be completed by the end of 2027. Agreements concerning this must be reached by September 15.
Nonetheless, it was pointed out that this situation is not due to a lack of orders. However, some contracts were signed before the COVID-19 pandemic and do not account for the increase in energy and raw material prices. Furthermore, in the industry, 80% of the construction cost is usually only paid upon delivery of the ship. Therefore, the shipyard requires loans to finance the interim construction.
The Commission, in line with this regulatory context, may adopt implementing acts to establish the rules for the application of this Regulation. Given the financial challenges facing Meyer Werft, the federal and state governments are prepared to offer substantial guarantees to secure new loans.
