Germany to slash Uniper stake from 99% to 25% by year's end
The German government is preparing to sell off a major portion of its stake in Uniper, the country’s largest gas supplier. After nationalising the company in 2022, officials now plan to reduce their holding from 99.1% to just over 25% by the end of this year. The move follows a €13.5 billion emergency bailout triggered by Russia’s gas supply cuts. Uniper, which supplies natural gas to over 1,000 municipal utilities and industrial customers, was taken into state ownership after Moscow halted deliveries in the wake of its Ukraine invasion. The government’s rescue package stabilised the firm, but now Berlin is exploring ways to return it to private hands.
The preferred approach involves bringing in one or two long-term investors while listing a smaller share of the company on the stock market. Potential buyers have until June 12 to submit expressions of interest, with the government prioritising partners willing to keep Uniper intact. A full stock market listing could follow as early as January 2025, though officials may stagger the sale to prevent share price drops.
Uniper’s current market value sits at around €18 billion, with the restructuring expected to generate proceeds in the high single-digit billions. The government intends to retain a 25% plus one share stake, ensuring it keeps a say in energy policy and supply security. The reprivatisation marks a shift from crisis intervention to long-term stability for Uniper. By balancing private investment with a continued state presence, Berlin aims to secure the company’s future while recouping some of its emergency spending. The process will unfold over the coming months, with key decisions expected by mid-June.
