Frankfurt (Germany) (AFP) – Germany had started the process to sell most of its stake in energy giant Uniper, the government said Tuesday, more than three years after nationalising the company following its near collapse amid the Ukraine war.
The firm was plunged into crisis when Russia slashed supplies of gas to Europe as tensions soared following its February 2022 invasion of Ukraine. Berlin bailed out Uniper — which had relied on Russian gas imports — in September 2022 to the tune of 13.5 billion euros ($15.7 billion), fearing its demise could send shock waves through Europe’s biggest economy.
But to get EU approval for the cash injection, Berlin promised to eventually reduce its shareholding, and the finance ministry confirmed Tuesday that the process had begun. “The government is launching the official process to determine demand from potential buyers,” a ministry spokeswoman told AFP.
Berlin plans to reduce its stake from over 99 percent currently to 25 percent plus one share, the spokeswoman said, which would allow it to maintain influence over key decisions related to energy security. “The government will ensure that the company as a whole remains viable for the future and that Germany’s security of supply is safeguarded,” the spokeswoman said.
© 2024 AFP
