Photo: Wolfgang Rattay / Reuters
As Reuters notes, Berlin nationalized Uniper during the European energy crisis of 2022 to save it from collapse after Russia’s Gazprom cut off gas supplies.
The government said in an official notice that it was considering selling or listing 99.12% of Uniper, with the caveat that it wanted to retain a blocking minority stake.
Uniper, which split from E.ON a decade ago, has been the biggest victim of the crisis as a result of the breakdown in energy relations with Russia. It has already sold assets to meet the conditions of the EU’s financial aid program.
A German government statement published in the Financial Times noted that potential buyers have until June 12 to submit a letter of intent to banks JPMorgan and UBS.
Security of supply remains a priority
A German finance ministry spokesman said the government would ensure “the long-term viability of the entire company and therefore the security of German supply.”
Uniper accounts for about one-fifth of Germany’s gas supply, is the country’s largest gas storage operator and manages nearly a quarter of the so-called systemically important energy capacity that must be kept in reserve.
Berlin has no plans to sell individual parts of Uniper, which will remain integrated, and could strike a sale agreement later this year, two sources familiar with the situation said, adding that a potential IPO could last until 2027.
The company’s shares have risen 11.4 percent, giving it a market capitalization of nearly 20 billion euros, with sources previously saying this may not reflect the real value due to Uniper’s very low free float.
Sources told Reuters last year that New York-based Brookfield, Daniel Kretinsky’s EPH, Norway’s Equinor and Abu Dhabi-based Taqa were among those interested in acquiring Uniper.
