The largest German shipyard is being largely nationalized to avoid bankruptcy. It remains unclear when the state will pull out again.
The Papenburg Meyer shipyard can become a state-owned company. The Bundestag’s budget committee cleared the way for this early on Wednesday morning. A little later, the Lower Saxony state parliament’s budget committee also approved the move in Hanover. This means that the federal government and the state of Lower Saxony can each acquire a good 40 percent stake in the shipyard. It is unclear how long the company will remain in state ownership.