Status: 07/20/2022 10:09 am
According to insiders, the state rescue package for the struggling energy company Uniper is about to be completed. After that, the federal government will take a significant stake in the group.
According to insiders, the ailing energy company Uniper is about to be rescued. The agreement with the German federal government could be concluded in the next few days, the Bloomberg news agency reported with reference to informed people. The federal government could then hold a blocking minority of up to 30 percent in Uniper. In addition to the purchase of ordinary shares at par, so-called hybrid securities are also an option, which experts classify as similar to equity.
According to Reuters, the aim is also for Uniper not to lose its good credit rating, which would make raising new funds on the capital market more expensive. In addition to the federal government, Uniper’s majority shareholder Fortum and the Finnish state, which holds 51 percent in Fortum, are also involved in the talks.
The federal government could give more than five billion euros
According to the Bloomberg report, Germany is considering investing more than EUR 5 billion in Uniper, with the total commitment likely to be less than EUR 10 billion. The deliberations are also said to be ongoing, and the conditions could still change. The details are to be decided in a meeting with Chancellor Olaf Scholz (SPD) on Friday.
The agreement must be completed by July 25, reports Bloomberg. Because at that point in time, Uniper was threatened with even greater liquidity bottlenecks than before.
KfW credit line exhausted
Uniper is suffering from gas deliveries from Russia, which were initially throttled and are now completely absent. In order to meet its obligations to its customers, the group has to buy natural gas at high prices on the market.
Only the day before, a multi-billion dollar credit line from the state development bank KfW was fully exhausted and additional funds were applied for.
Uniper share picks up sharply
In view of the insider reports, Uniper shares rose by ten percent to EUR 11.44. Yesterday, the paper had already benefited greatly from speculation about an imminent resumption of gas supplies from Russia.