The company said it was in final talks with the government of Olaf Scholz and Fortum to modify the rescue package of July, which has been insufficient given the spiral of gas prices. “As a result, the Federal Government is expected to obtain a significant majority stake“, he said, noting that a definitive agreement has not yet been closed.
“We need the State as the main shareholder to survive the gas crisis and dominate the energy transition in the long term,” said the head of Uniper’s works council, Harald Seegatzto the Rheinische Post.
The capital injection will bring the total rescue package used to stabilize Uniper to a minimum of 29 billion euros.
Europe’s confrontation with its main energy supplier, Russia, because of the war in Ukraine, has hit Germany’s energy sector hard. The government has already had to put Gazprom Germany and a subsidiary of the Russian oil company Rosneft under guardianship, one de facto nationalization.
Fortum said the deal with Uniper will include the “repayment of the financing that Fortum granted to Uniper”, which the Finnish group has estimated at 8 billion euros.
For Fortum, the operation will put an end to a failed investment in Uniper that began in 2017 and which the German group resisted for fear that it could be dissolved by its main shareholder.
Source: Ambito
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