Reports indicate a shift in the German government’s strategy regarding potential involvement in Thyssenkrupp’s marine technology division, Thyssenkrupp Marine Systems (TKMS). According to the “Handelsblatt” newspaper, citing government sources, the new administration is currently foregoing plans to acquire a stake in the company.
Thyssenkrupp intends to spin off its marine business, with the ultimate goal of taking it public through an initial public offering. This decision, approved by the company’s supervisory board last week, followed earlier efforts by the previous governing coalition to secure a federal stake in TKMS, initially justified by national security interests.
The current government, comprising the Chancellery and the relevant ministries of Defence, Economy and Finance, has reportedly reached a consensus against pursuing direct government participation at this time. Instead, the focus is on establishing what the government is calling a “security agreement”. This agreement aims to guarantee that the company’s independence will not compromise Germany’s defense capabilities or jeopardize employment levels. The agreement is expected to include regular consultations between TKMS and the government, mandated information reporting on business developments and a pre-emption right for the federal government in the event of interest from a strategic investor.
However, this approach is drawing criticism from labor unions. Jürgen Kerner, Deputy Chairman of IG Metall and member of the Thyssenkrupp supervisory board, expressed his union’s continued goal of securing state participation. Thyssenkrupp itself declined to comment on the matter, stating only that discussions with the government are ongoing. The Federal Ministry of Economy has not responded to inquiries from the “Handelsblatt”.
