The company had stumbled due to expensive gas prices caused by the Ukraine war.
(Photo: Reuters)
The state could end up holding a blocking minority of up to 30 percent in Uniper, people familiar with the matter said. The purchase of new ordinary shares at par as part of a capital increase and additional equity-like hybrid securities are under discussion, it said.
Berlin could put an amount between 5 and 10 billion euros into the Düsseldorf group, the people said. The exact number is still being negotiated. An agreement could be finalized in the next few days, it said.
Uniper has been negotiating a possible rescue package with the federal government for weeks. The company has been in crisis since Russia’s invasion of Ukraine caused energy prices to skyrocket, forcing the company to buy large volumes of gas on the expensive spot market.
Uniper is also discussing the possibility of a new credit facility from the state-owned Reconstruction Loan Corporation (KfW), it said. The details of the rescue operation could be discussed at a meeting with Chancellor Olaf Scholz on Friday, the people said.
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According to the people, Uniper is also talking to rating agencies about their assessment of the transaction. Negotiations with the federal government are not yet complete, and the structure and terms of the rescue are not yet finalized. An important factor in the size of the package is the extent to which Uniper can pass on the higher gas prices to its customers.
Majority owner Fortum Oyj must also approve the deal. In the proposed structure, the Finns would retain the majority, but their current 78% stake would be diluted.
More: “We’re currently doing everything we can” – the industry no longer sees much potential for saving gas
