Status: 07/20/2022 10:09 a.m.
According to insiders, the state bailout package for struggling energy company Uniper is nearing completion. After that, the federal government will take a significant stake in the group.
According to insiders, the struggling energy company Uniper is about to be rescued. The agreement with the German federal government could be concluded in the coming days, the Bloomberg news agency reported with reference to people informed. The federal government could then hold a blocking minority of up to 30% in Uniper. In addition to buying ordinary shares at par, so-called hybrid securities are also an option, which experts classify as equivalent to shares.
According to Reuters, the aim is also that Uniper does not lose its good credit rating, which would make it more expensive to raise new funds in the capital market. Besides the federal government, Uniper’s majority shareholder, Fortum, and the Finnish state, which owns 51% of Fortum, are also involved in the talks.
The federal government could give more than five billion euros
According to the Bloomberg report, Germany plans to invest more than €5 billion in Uniper, with the total commitment expected to be less than €10 billion. Deliberations are also said to be ongoing and terms could still change. Details are to be decided at a meeting with Chancellor Olaf Scholz (SPD) on Friday.
The deal is due to close by July 25, Bloomberg reports. Because at that time, Uniper was threatened with even bigger liquidity bottlenecks than before.
KfW credit line exhausted
Uniper is suffering from gas supplies from Russia, which were initially throttled and are now completely absent. To meet its obligations to its customers, the group must buy natural gas at high market prices.
A line of credit worth billions from the public development bank KfW was therefore only fully used the day before and additional funds were also requested.
Uniper stock rallies strongly
In view of insider reports, Uniper shares rose ten percent to 11.44 euros. Yesterday, the newspaper had already benefited greatly from speculation about an imminent resumption of gas supplies from Russia.