The German government is set to temporarily acquire a majority stake in Meyer Werft, one of the leading cruise shipbuilders globally, according to sources disclosed to Reuters. The shipbuilder, holding significant orders including those from U.S. entertainment giant Disney, needs approximately €2.8 billion ($3.1 billion) to stabilize its operations after pandemic-linked demand drops.
Chancellor Olaf Scholz, along with members of the Lower Saxony state government, where the historic 200-year-old shipbuilder is headquartered, is expected to brief Meyer Werft’s staff about this development. Scholz’s administration, in collaboration with the state government and the company’s family owners, has outlined the main terms of the proposed support, insiders indicated.
Economy Minister Robert Habeck refrained from elaborating on the specifics of ongoing discussions but expressed confidence in reaching viable solutions shortly. He highlighted the ministry’s efforts in recent weeks to address the issue, recognizing Meyer Werft’s storied legacy and productivity. The finalized plan will see the federal and state governments contribute €400 million in equity, secure bank loans through guarantees, and take at least 80% control of the shipyard temporarily, contingent upon parliamentary approvals.
