Germany Moves To Nationalize Gas Giant Uniper In €8B Deal To Avert Energy Supply Crisis

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.
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