Some conflicting reporting on that, but a few sources claim 80% equity stake.

But given how the German government has often sold those at a steep loss later on it doesn’t make much difference IMHO.

Public broadcaster ARD suggested that Berlin and the state of Lower Saxony, the heartland of the SPD where the shipyard is located, will buy up to €500 million worth of company shares each while providing guarantees for €1.8 billion in loans.

So, 1/3 equity and 2/3 sort-of-maybe welfare. IMO a solid industrial policy is both necessary for Europe and inevitable at this point.