FRANKFURT/BERLIN (Reuters) – Germany is considering selling part of its 99% stake in utility Uniper, which was bailed out during Europe’s energy crisis, as early as this year, according to two people familiar with the matter.
Uniper had to be rescued by Berlin in 2022 after Russia, once Germany’s biggest supplier of natural gas, stopped sending the fuel via the Nord Stream pipeline, forcing the company to buy replacement volumes at sky-high prices on the spot market.
This led to Germany pumping 13.5 billion euros ($14.7 billion) into Uniper to prevent it from collapse, giving Berlin a 99% stake it must cut to a maximum of 25% plus one share by the end of 2028 under the terms of EU backing for the deal.
This, the sources said, could happen via a stake sale or so-called re-IPO but would likely mean that the government would remain majority shareholder for the time being to make sure Uniper keeps its vital investment grade credit rating.
Germany’s Finance Ministry, which oversees the Uniper stake, declined to comment, only repeating its obligation to cut its holding under European Union requirements.
A spokesperson for Uniper also declined to comment on the news, which was first reported by Bloomberg.
“But of course we are in constant dialogue with the German government as our owner,” the spokesperson said, pointing to last month’s capital reduction that is meant to restore Uniper’s ability to pay dividends as one precondition for a state exit.
Berlin’s stake is currently worth around 23.8 billion euros, which the sources said was mainly due to the government’s engagement, adding that any stake sale may require a discount.
($1 = 0.9200 euros)
(Reporting by Christoph Steitz, Nette Noestlinger and Holger Hansen; Editing by Rachel More and Mark Potter)
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