- Germany will nationalize Uniper SE UNPRF in a bid to save the country's largest gas importer, which was hit hard by Russian natural-gas cuts to Europe.
- The German government would take a 99% stake in the energy giant and inject €8 billion.
- The Federal Government will acquire the Uniper shares currently held by Fortum Oyj FOJCY FOJCF for €1.70 per share.
- The credit line provided by Fortum, consisting of a €4 billion shareholder loan and €4 billion guarantee line, will be replaced by the Federal Government following the acquisition of the Fortum stake.
- Uniper is Germany's largest gas importer and has been squeezed by vastly reduced gas flows from Russia, which has made prices soaring.
- "Since the stabilization package for Uniper was agreed in July, Uniper's situation has further deteriorated rapidly and significantly; as such, new measures to resolve the situation have been agreed," Fortum announced in a statement.
- "The amendment of the stabilization package announced in July was necessary against the backdrop of the further intensification of the energy crisis," said Uniper CEO Klaus-Dieter Maubach.
- Fortum will deconsolidate Uniper as of the third quarter of 2022.
- Photo via Company
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