The troubled German gas trader Uniper is now in state hands. The federal government’s participation in the energy supplier “has taken place”, as the German Ministry of Economics and Finance announced on Thursday. The takeover serves the energy supply in Germany.
The initially reduced and then absent gas deliveries from Russia had brought Uniper to the brink of insolvency – the group had to meet the delivery obligations to its around 1,000 customers and buy gas at much higher prices. In the first nine months of the year, the group accumulated a loss of 40 billion euros.
The federal government has now bought 93 percent of the shares in Uniper through a capital increase of eight billion euros. The state acquired a further six percent of the shares for 500 million euros from the previous main shareholder Fortum from Finland. Up to 25 billion more are planned for “future capital requirements”.
State must reduce participation once more
The EU Commission finally approved the rescue plan for Uniper on Tuesday, but made some conditions. The federal government must reduce its stake to a maximum of 25 percent plus one share by 2028 at the latest; an extension is only possible with the approval of the EU Commission.
