Hanover
The timetable for the newly rescued Meyer Werft state withdrawal is still completely open to Lower Saxony Prime Minister Stephan Weil. “It is clear to the federal government and the states that we do not want to be involved in the long term, but after a certain period of time, the company has to be put back into order,” the SPD politician said. “For example, we have to restore the trust that has been partially lost in the banks.”
That would make it much easier to attract individual investors, Weil said. “I can’t say for sure whether it’s 2027, 2028, 2029, or whatever. The terms have to be right.”
Asked whether he would initiate the sale himself as chancellor, the head of government, who is about to serve his last term, said: “That has nothing to do with it. Nobody can predict the timing right now. The conditions are simply as follows.” Yes. But he is convinced that the state’s commitment to Meyer Werft will allow for good development. Weil does not want to run again in the next state election, which is expected to be held in 2027.
The state owns more than 80 percent of Meyer Werft.
The rescue package calls for the federal government and the states to jointly take an 80 percent stake in the company for 400 million euros. They will also provide the company with a guarantee of about 1 billion euros each to secure loans from banks.
Meyer Werft, with a history spanning more than 200 years, is best known for its cruise ships. Its order book is well filled, but some cruise ship contracts signed before the coronavirus pandemic have not been adjusted for rising energy and raw material prices, putting it in deep financial straits. In shipbuilding, 80% of the construction cost is usually paid only when the ship is delivered. Meyer Werft needs to raise around €2.8 billion by the end of 2027 to finance the construction of a new shipyard.
Lower Saxony’s economics minister Olaf Riess (SPD) said last week that the shipyard would be back at full capacity in 2026, but that a restructuring report said it would not post positive economic results again until 2028. A work meeting on the shipyard is planned for today in Papenburg.
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