With their employees’ approval, which came yesterday at the end of a heated assembly, the state ownership of the Meyer Werft shipyard, is now finally formalized. 80.73% of its shares is to pass into public hands through a €400 million investment by the government and the state of Lower Saxony.
The agreements signed yesterday after the workers’ assembly will allow the federal and state governments to guarantee an 80% €2.6 billion credit line and save one of the world’s largest shipyards.
The actual transfer of shares to the federal and state governments will occur after anti-trust approval has been obtained.
Translation by Giles Foster
