Berlin The federal government has almost finalized the cornerstones for the rescue of the gas supplier Uniper. In all probability, the basis of the rescue package will be presented on Friday, the Handelsblatt learned from government and financial circles. “One is already strong in the details of the design,” it said.
The federal government wants to get a 30 percent stake in Uniper, and seven to eight billion euros in hybrid capital are also to be made available, said people familiar with the negotiations. Which instrument will be used will only be finalized in the next few weeks.
It is considered likely that the federal government will subscribe to mandatory convertible bonds. These securities are interest-bearing securities that automatically convert into shares at maturity and are therefore regarded by rating agencies as an equity-like instrument.
The KfW credit lines are to be increased, possibly to eight billion euros. However, only for a short time. Some of the loans are to be repaid as soon as the hybrid capital is available. The price at which the federal government will subscribe to the Uniper capital increase has not yet been finally determined. However, it is considered likely that the federal government will subscribe to the shares at a nominal value of EUR 1.70 per share. The federal government is also to receive seats on the supervisory board.
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The federal government wants to present the package of measures to the public on Friday afternoon, before that there will be a final vote at the highest level of government with Chancellor Olaf Scholz.
With the measures, those involved also want to send a signal to the rating agencies. On Friday, the important agency S&P apparently wants to discuss a possible reclassification of Uniper. S&P recently announced a downgrade for the gas supplier. That would make it more difficult for the company to get fresh money from investors, and Uniper would then have to offer higher security for gas transactions.
A split of the company, as originally proposed by Uniper majority shareholder Fortum, is said to be off the table.
Federal Economics Minister Robert Habeck (Greens) also promised rapid support for Germany’s largest gas importer. It is correct that Uniper used stocks in its gas storage facilities to stabilize itself, Habeck said on Thursday. But that will no longer be necessary: ”We will soon stabilize Uniper differently.”
Planned loans worth billions
Uniper plays a central role in Germany’s energy supply and supplies more than a hundred municipal utilities and industrial companies with gas. It obtains this largely from Russia. However, Russia had continued to throttle gas supplies in recent months. Uniper therefore has to procure expensive gas from other sources in order to be able to fulfill the contracts with its customers.
Uniper’s future will therefore be decided primarily on whether and how the company will be able to pass on the additional costs of buying gas to its customers. “No matter how much the federal government can get involved, that doesn’t solve the basic problem,” says a government representative.
The federal government wants to counter this situation by enabling Uniper to pass on the high procurement costs. According to government circles, the price will also be passed on very soon in order to be able to press ahead with the rescue of Uniper.
More: Habeck wants to prevent the gas crisis with a package of measures