After the green light in recent days from the Budget Commission of the German Parliament ( of the 11th September 2024) and after the signing of the shareholders' agreements This weekend, yesterday during a company meeting in Papenburg representatives of the German Federal Government and the Land of Lower Saxony have communicated to the employees of Meyer Werft the entry of the two institutions into the company's share capital which have taken over about 80% and today the shipbuilding group has formalized the new ownership structure of the company confirming that the federal government and the Land will invest 400 million euros euros in Meyer Werft and will also provide financial guarantees for an amount of approximately one billion euros each in order to finance ongoing orders and stabilize the company. In addition Meyer Werft specified that he had entered into all the agreements also necessary with banking institutions.

"Our goal - highlighted the administration delegate of the German shipbuilding company, Bernd Eikens, commenting on the conclusion of the agreement with the public sector - it is leading Meyer Werft and thus its employees into a future safe and successful. We firmly believe - he specified - that the our company has a future thanks to its innovative technology and its highly motivated staff. We are confident that we will go out stronger together from this crisis and we will maintain our position as one of the leading companies in the international shipbuilding". Eikens specified that, However, the work "is not yet finished, on the contrary," he said. underlined - has just begun. We have developed a scenario and a restructuring plan that must now be be implemented'.

Confirming that "there is still a lot to do", during yesterday's company meeting, the Minister of Economy Lower Saxony, Olaf Lies, recalled that the social partners have agreed on a plan "which will also involve significant cuts. Now - he added - we will travel together this A road that is certainly not easy."

Meyer Werft specified that the financial crisis of the company, which has over 3,000 employees, has been caused by the consequences of the COVID-19 pandemic, the Russia's war against Ukraine and the explosion of prices of raw materials. Added to this was the effect of the shipbuilding payments made by the Group which, as practices, are carried out for 80% of the total at the time of the delivery of the ship and until then the company must finance construction with bridge loans. Meyer Werft pointed out that, despite this financial emergency that can be also thanks to the new state guarantees that are essential To bring the group back on a stable course, the company has a order backlog worth €11 billion up to 2031.

Finally, Meyer Werft recalled that the participation of the public part to the company's capital will not be long term being the common objective of the public and private parties of return the property to private individuals, and to this end the agreement provides for a right of redemption granted to the Meyer family in sole ownership of the group.