In the wake of the 2007 financial crisis Germany's stock of gross financial assets increased significantly, turning it into the second largest stock among OECD countries after the US.[1] Yet research has shown that the more that the government owns of an enterprise, the more extreme the level of tax avoidance.[2]

List

Company share direct Owner Note
Autobahn GmbH des Bundes full ownership Germany Operator of the German express way network.
Deutsche Bahn full ownership Germany
DFS Deutsche Flugsicherung GmbH full ownership Germany
Hapag Lloyd 23.2% Hamburg
Airbus/EADS 12%[3] 28% total with France and Spain
Commerzbank 15,6% KfW
Volkswagen Group 12.7% Lower-Saxony 20% of voting rights
KfW Bank 100% following assets amounting to a worth of $70.6Bn
Deutsche Telekom and T-Mobile 14.5% Germany (directly)
17.4% KfW (indirectly)
Deutsche Post 25.5% KfW Assets including DHL and Deutsche Postbank are therefore also partially owned by the government
Hypo Real Estate 100% SoFFin Seized by SoFFin in 2009 to restore financial stability to the German housing market
Bundesdruckerei 100% Federal Print Office, Renationalised in 2013
RAG AG 100% RAG-Stiftung RAG-Stiftung is a foundation held by the federal republic and the states of North Rhine-Westphalia and Saarland
Evonik Industries 58,9%[4] RAG-Stiftung RAG-Stiftung is a foundation held by the federal republic and the states of North Rhine-Westphalia and Saarland
Uniper 99% Germany Emergency rescue in 2022[5]

Further government ownerships

Note that many smaller State owned enterprises are owned by individual states of Germany such as TransnetBW and Rothaus (State Brewery of Baden).

On a local and regional level, public transport is often operated by SOE, such as BVB (Berlin), Hochbahn (Hamburg) or LVB (Leipzig). Power generation, water and gas supply were until the 1990s often publicly owned (Stadtwerke) - the picture is much more diverse today, involving often forms of PPP, but with the local governments still exercising considerable control.

References

  1. OECD. "710. Financial balance sheets - consolidated - SNA 2008". Retrieved 27 November 2016.
  2. Ninow, Leon; Thunecke, Georg; Wagner, Manuel (2021-10-02). "Evidence on Aggressive Tax Avoidance by German State-Owned Enterprises and its Driving Factors". German Politics. 30 (4): 541–561. doi:10.1080/09644008.2020.1814258. ISSN 0964-4008.
  3. "Revamped Airbus lives up to the European dream". Telegraph.co.uk. 5 January 2014. Retrieved 12 September 2015.
  4. "RAG wird mehr Evonik-Aktien los". boerse.ard.de. 14 January 2020. Retrieved 14 January 2020.
  5. "Clear terms for the takeover of the energy company Uniper". Die Bundesregierung. 21 December 2022.
  6. Hüfner, Felix, "The German Banking System: Lessons from the Financial Crisis", oecd.org, 1 July 2010.
  7. "Working Papers", oecd.org.

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