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.