Gas importer: Uniper before nationalization

The state takeover of the ailing gas importer Uniper is apparently imminent. The financial situation of the group had recently deteriorated drastically.

Germany’s largest gas importer Uniper is to be taken under state control. The group announced today that Uniper is in final talks with the federal government and the major Finnish shareholder Fortum. Among other things, a capital increase of eight billion euros is planned, which is to be subscribed exclusively by the federal government.

In addition, the plan provides for the German state to acquire the Uniper shares currently held by Fortum. “As a result, it is intended that the federal government will receive a significant majority stake in Uniper,” it said. However, the final agreement has not yet been concluded. Fortum currently holds almost 78 percent of Uniper.

Financial situation deteriorated again

The Bloomberg news agency had previously reported that the federal government was considering nationalizing Uniper. The planned participation could be more than 50 percent, it said, citing people familiar with the matter.

The Düsseldorf-based company itself had already announced last week that the parties involved – i.e. the federal government, Uniper and the parent company Fortum – are examining alternative solutions due to the increased uncertainties in the operational environment. This also includes a “direct capital increase that would lead to a significant majority stake by the federal government in Uniper”.

Uniper got into difficulties because of the exploding gas prices. The federal government had already put together a rescue package worth 19 billion euros in July. Since the signing of the stabilization agreement with the federal government, the financial losses have increased significantly again due to the higher gas procurement costs, the MDAX company recently reported.