German government plans holding company to rescue Meyer Werft shipyard in Papenburg

The German government plans to establish a holding company to rescue Meyer Werft shipyard, which is currently facing economic difficulties, according to North German Broadcasting (NDR). This announcement was anticipated and aligns with previous media reports.

German Chancellor Olaf Scholz visited the Meyer Werft shipyard in Papenburg today and stated at a press conference that saving the Papenburg yard has been a clear priority for the federal government, although they have been seeking effective means to do so. Scholz assured staff that the shipyard’s future is secured.

NDR reports that the new company will be funded by the federal government and the state of Lower Saxony. The Meyer Werft shipyards in Papenburg and Rostock will be transferred under this holding company. The Meyer family will remain involved in the management but will retain ownership only of the Meyer Turku shipyard in Finland.

According to media reports, this arrangement is expected to be temporary, lasting until 2027, at which point the Meyer family would have the option to buy back the shipyard. However, any rescue plan must still receive approval from both the state of Lower Saxony and the federal government. Scholz mentioned that the details of the plan are still in progress, with the federal and state governments seeking a return on their investment. Discussions are ongoing regarding both the exact amount of shares and the terms of the investment.