Uniper set for nationalisation as Germany closes in on deal with Fortnum
Uniper is on the verge of being fully nationalised, with the German government set to buy Fortum’s 78 per cent stake in the utility giant.
The state will pump a further $8bn into the gas import as part of its nationalisation plans.
The struggling company is Germany’s largest consumer of Russian gas, and has burned through its cash reserves sourcing gas on the spot market after Russia cut flows to Germany.
This triggered a €15bn rescue package with Berlin in July – which has since risen to €19bn in recent weeks.
Uniper has revealed it in final discussions with the government and Fortum to amend the July bailout package which has proved insufficient given spiralling gas prices.
The company said: “As a result, it is envisaged that the Federal Government will obtain a significant majority stake in Uniper.”
The capital injection from the German government will bring the total bailout package used to stabilise Uniper to at least €29bn.
Fortum announced that the Uniper deal will include the “return of the financing Fortum granted to Uniper” which the Finnish group has estimated at €8bn.
A definitive agreement on the nationalisation of Uniper will be unveiled on Wednesday, according to news agency Reuters.
Europe’s stand-off with key energy supplier Russia over the Ukraine crisis has hit Germany’s energy sector hard.
The German government has already had to put Gazprom Germania and a subsidiary of Russian oil company Rosneft under trusteeship – a de facto nationalisation.
It has also renamed UK-focused supplier SEFE Energy.