The state’s participation in Meyer Werft is not intended to be permanent, stresses Lower Saxony’s head of government. Before the shares are sold, however, the company must be made afloat again.
The timetable for the state’s withdrawal from the recently rescued Meyer Werft is still completely open for Lower Saxony’s Prime Minister Stephan Weil. “The federal and state governments are clear: we do not want to be involved there in the long term, but rather hand the company over to private hands after a certain period of time. The company must be made afloat again by then,” said the SPD politician. “For example, trust must be regained, which has been partially lost by the banks.”
Afterwards, it will also be much easier to attract private investors, said Weil. “Whether that will be in 2027, 28, 29 or whenever, I cannot say. The conditions have to be right.”
When asked whether he would still be involved in initiating the sale himself as Prime Minister, the head of government, who is in his last term in office, said: “That is independent of that. Nobody can predict the timing now. The conditions simply have to be right.” However, he is confident that the state’s involvement in Meyer Werft will enable a positive development. Weil does not want to run again in the next state election, which is expected to take place in 2027.
State takes over 80 percent of Meyer Werft
The rescue package provides for the federal and state governments to acquire around 80 percent of the shares for a total of 400 million euros. They are also granting the company guarantees of around one billion euros each to secure loans from banks.
The more than 200-year-old Meyer Werft is best known for cruise ships. Its order books are well filled, but it has run into serious financial difficulties because some contracts for cruise ships that were signed before the corona pandemic do not provide for adjustments to the sharp rise in energy and raw material prices. In addition, in shipbuilding, 80 percent of the construction price is usually only paid when the ship is delivered. Meyer Werft must therefore raise almost 2.8 billion euros to finance new ship construction by the end of 2027.
Lower Saxony’s Economics Minister Olaf Lies (SPD) said last week that the shipyard is expected to be back at full capacity in 2026, but according to a restructuring report, it will not be able to report a positive economic result until 2028. A shipyard staff meeting is planned in Papenburg today.
Source: Stern
