Talks to award credit lines and buy shares of ailing ship maker Meyer, who also produce key offshore equipment, amounting to €2.8 billion had progressed far, German Chancellor Olaf Scholz said on visit to the firm
  • sunzu2
    4•3 months ago

    Are they going to take an equity stake or just straight up welfare?

    • poVoqOPMEnglish
      4•3 months ago

      Some conflicting reporting on that, but a few sources claim 80% equity stake.

      But given how the German government has often sold those at a steep loss later on it doesn’t make much difference IMHO.

      • sunzu2
        1•3 months ago

        German government has often sold those at a steep loss later on

        In US we are allergic to even doing the trick but I see your point and it is very valid.

    • @JubilantJaguarEnglish
      3•3 months ago

      Public broadcaster ARD suggested that Berlin and the state of Lower Saxony, the heartland of the SPD where the shipyard is located, will buy up to €500 million worth of company shares each while providing guarantees for €1.8 billion in loans.

      So, 1/3 equity and 2/3 sort-of-maybe welfare. IMO a solid industrial policy is both necessary for Europe and inevitable at this point.

  • @[email protected]English
    1•2 months ago

    Goddammit, that headline, Missing commas really stirr this Up. headline should be “Berlin to bail Out shipyard, key to offshore Wind ambitions.”