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Chancellor Scholz at the Works Meeting of the Struggling Meyer ...
2024-08-22 05:50:08
Politics
Business
Economy

Chancellor Scholz at the Works Meeting of the Struggling Meyer Shipyard

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Chancellor Olaf Scholz and Minister-President Stephan Weil are attending a works meeting at the troubled Meyer Shipyard in Papenburg. The shipyard is facing a severe crisis due to rising energy and raw material prices, as well as delayed ship payments.

The government is reportedly planning to rescue the family-owned company with hundreds of millions of euros. The shipyard currently employs around 3,300 people.

The state's entry into the company could be announced at the meeting.

Related news on that topic:

Meyer Werft apparently saved - Chancellor Scholz is coming to ... to Papenburg

The federal and state governments are taking over 80-90% majority shares in Meyer Werft, while the Meyer family retains a seat on the supervisory board and the right of repurchase. The shipyards in Papenburg, Rostock, and Turku will be merged into a European holding company. Despite facing financial difficulties, the shipyard has received a new order from Disney Cruise Line. However, the shipyard needs money by mid-September to be able to pay wages. Chancellor Scholz is convinced of the future viability of the Papenburg shipbuilder and will be visiting the company. The rescue plan, which includes a 900 million euro investment from the federal and state governments, is expected to be announced soon. The plan involves increasing the company's capital by 400 million euro and providing guarantees for loans of 2.8 billion euro until 2027. The solution still needs approval from the Budget Committee of the Bundestag and the EU Commission. The shipyard, known for its cruise ships, currently employs around 3,300 people and is facing challenges due to rising energy and raw material prices.

Reports: State Entry into Struggling Meyer Werft Decided

The state entry into the struggling Meyer Werft in Papenburg has reportedly been decided. The federal government and the state of Lower Saxony plan to rescue the company with hundreds of millions of euros. Federal Chancellor Olaf Scholz will attend a company meeting on Thursday, according to government sources. The shipyard, which employs around 3,300 people, is currently facing a severe crisis due to the sharp increase in energy and raw material prices in recent years. Behind the scenes, negotiations have been taking place for weeks regarding a state entry into the company. The plan is for Berlin and Hanover to increase the equity by 400 million euros and provide guarantees for further loans. The federal government and the state would also take over 80 to 90 percent of the company's shares. The guarantees would amount to 900 million euros each. With this plan, the Meyer Werft would become a state-owned company.

Read 2 more recent news on this topic

The press radar on this topic:

Tagesschau - Wirtschaft und Börsen-Nachrichten
23. August 2024 um 16:09

Chancellor at Works Meeting Meyer Werft apparently saved

Economy
Politics
Finance
The Papenburg-based Meyer Werft is on the verge of being saved. The federal government and the state government want to get involved with guarantees and majority stakes. The Meyer family is to remain represented on the supervisory board and receive a right of repurchase.
zdf
21. August 2024 um 20:03

Chancellor Scholz pledges aid to Moldova

Politics
Chancellor Scholz visits Moldova to support President Sandu. It's about Germany's aid for Ukraine, Moldova's planned EU accession, and a migration agreement. Russia is trying to exert influence on Moldova, including through Russian soldiers in Transnistria and the spread of fake news and deepfakes.
noz
21. August 2024 um 23:00

Lower Saxony's Minister of Economics: Bernard Meyer has created a global company

Economy
Politics
Finance
Bernard Meyer has created a global company; Lower Saxony's Minister of Economics Olaf Lies praises Meyer's achievements and the commitment of Chancellor Olaf Scholz for the rescue of the Meyer Werft.
zeit
22. August 2024 um 02:00

Shipbuilding: What the Rescue of the Meyer Werft is About

Politics
Economy
The Meyer Werft, a leading cruise ship manufacturer, is facing financial challenges. To save the shipyard, the federal government and the state of Lower Saxony are planning a temporary stake and guarantees for new loans. Chancellor Olaf Scholz and Prime Minister Stephan Weil are expected to attend a staff meeting. Some contracts for cruise ships were concluded before the COVID-19 pandemic and do not provide for any adjustment to the drastically increased energy and raw material prices. In addi..
CW

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