Germany is gearing up to assess investor interest in a stake of up to 30% in Uniper as the government aims to recover a portion of the billions expended in rescuing the utility during the peak of the energy crisis, disclosed three individuals familiar with the situation.
Berlin intervened to aid Uniper (UN0k.DE) in 2022 subsequent to Russia, its primary gas supplier, halting deliveries in response to Western sanctions related to the conflict in Ukraine.
This intervention has incurred a cost of 13.5 billion euros ($14.5 billion) for the government thus far, resulting in its ownership of 99.12% of the company.
With energy markets now showing signs of stabilisation, Germany intends to initiate the process of reducing its involvement, primarily to allocate funds for the federal budget.
It is proposed that Berlin decrease its stake to between 70% and 80% through a public offering of shares next year, possibly involving the sale of shares to strategic investors, as stated by the sources.
However, they cautioned that the process was in its nascent stage and subject to alteration or postponement.
At present, the government’s stake is valued at 23.2 billion euros based on Uniper’s market capitalisation, with previous reports suggesting a potential sale would occur at a discounted rate.
Both Uniper and the finance ministry refrained from commenting, citing European Union regulations mandating Berlin to reduce its stake to a maximum of 25% plus one share by 2028.
Harald Seegatz, chairman of Uniper’s works council and deputy chairman of the group’s supervisory board, urged Berlin to maintain a long-term presence as a major shareholder to retain control over strategic energy assets.
“The state would do well not to leave the security of supply completely in the hands of others,” Seegatz remarked, drawing parallels with Finland and France, where government holds significant shares in major utilities.
He underscored the importance of Berlin’s continued ownership in safeguarding Uniper from potential takeovers or disintegration, thereby securing employment.
The sources further emphasised that Berlin’s prolonged commitment was vital for Uniper to uphold its investment grade credit rating, essential for its day-to-day operations.
Brussels also stipulated that Uniper divest certain assets, including its advanced Datteln coal-fired power plants, as a condition for approving the bailout, a requirement Seegatz described as “painful”.
“As a consequence, we are forfeiting substantial portions of our portfolio.”