MSC nears deal to buy majority stake in German shipyard Meyer Werft

FRANKFURT: The German government and regional state of Lower Saxony are nearing a deal that gives Geneva-based shipping group MSC the right to acquire about 80 per cent of the shares in German shipbuilder Meyer Werft, Spiegel magazine reported on Saturday.

The majority stake in question stems from a state rescue by the federal government and Lower Saxony at the end of 2024, when each acquired around 40 per cent and contributed a combined €400 million (US$441 million) in equity.

Germany's economy ministry said it would not comment on ongoing negotiations. MSC and Meyer Werft, which is based in Papenburg in Lower Saxony, did not immediately respond to requests for comment. The Meyer family could not immediately be reached.

Spiegel said the Meyer family, which founded the company in 1795 and holds the remaining 20 per cent, is working with MSC towards a form of joint ownership that would see the family increase its holding.

It reported that a deal would be signed next Tuesday, without specifying its sources.

Spiegel cited a spokesperson for the family as saying that "very constructive" talks were ongoing with all parties involved.