The facts are that Deutsche Bahn AG was privatised in the mid 90s, though all of the company’s shares are being held by the German government. Legally speaking, Deutsche Bahn AG is an independent commercial entity, whose exclusive owner is the German republic.
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An entity which does not earn money, is controlled by goverment, and gets heavily subsized by the goverment. Usually the stuff we assoziated with state - own companies and not very far away from a goverment office.
Sound state owned to me.
Its worst of both worlds tbh. You have the usual private corp management structure and siphoning of profits (not to the state shareholder, but to everythign else from consulting firms to "favorite" contractors) instead of longer term infrastructure investments being done. And you have the slowness of change, regulations/processes and non-hungry employees working for a public entity.