Germany agreed on Wednesday (21st) to nationalize Uniper, its largest natural gas importer, to secure domestic energy supplies. Uniper fell into severe losses due to soaring energy prices, and the German government decided to nationalize Uniper after providing a bailout in July to maintain the operation of the industry.
The deal reached by the German government on Wednesday will replace the July agreement, and Uniper will increase its capital by 8 billion euros ($7.94 billion) at an issue price of 1.7 euros per share. , the transaction is expected to close by the end of the year.
Uniper’s parent company, Finnish energy group Fortum Oyj, said it had agreed to sell the company’s stake in Uniper to the German government. Germany will inject 8 billion euros ($7.98 billion) into Uniper and buy Fortum’s Uniper for about 500 million euros. shares.
The severity of the situation since the European energy crisis has escalated further since the German government pledged in July to buy a 30% stake in Uniper and provide a line of credit under a rescue package means previously agreed measures are no longer sufficient, Fortum said. sufficient and difficult to implement.
The company also said that so far, Uniper has suffered a cumulative loss of nearly 8.5 billion euros related to natural gas, and has been unable to ensure the security of supply as a private company.
Fortum also held about 80 percent of Uniper when it was initially bailed out by the German government in July, and its stake has since been diluted to 56 percent. The latest deal also provides Fortum with a right of first refusal if Uniper intends to divest all or part of its Swedish hydro and nuclear assets by the end of 2026.