The IG Metall union is hoping for a prompt end to the speculation surrounding the future of naval shipbuilder German Naval Yards Kiel (GNYK), which is being courted by defense giants TKMS and Rheinmetall. The shipyard's uncertain future is unsettling the workforce, Stephanie Schmoliner, managing director of the IG Metall Kiel-Neumünster branch, told Reuters on Friday. Consequently, clarity must be established soon. Both the Thyssenkrupp subsidiary TKMS, which shares a site with GNYK, and the Düsseldorf-based defense heavyweight Rheinmetall have submitted non-binding offers for the yard. The union has no preference for either bidder, as both are committed to collective bargaining agreements and co-determination, Schmoliner said.

Rheinmetall is already conducting due diligence on GNYK's books and is expected to submit a binding offer soon, CEO Armin Papperger said as recently as Thursday. Rheinmetall could use the company to expand its naval capacities, where massive contracts, such as the F126 frigate program, are beckoning from Germany alone. TKMS had already submitted a bid for the company formerly known as Howaldtswerke-Deutsche Werft. The group is in corresponding talks with GNYK's owners, a spokesperson said. 'For us, this would be an opportunity, but not a must,' TKMS CEO Oliver Burkhard recently remarked regarding the subsidiary of the French family-owned group CMN Naval.

(Reporting by Matthias Inverardi, edited by Ralf Banser. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)