By Giulia Petroni

Uniper plans to take steps that include a capital reduction to eliminate accumulated loss from 2022 and restore its ability to pay dividends, in a move that would pave the way to exit government ownership.

The German bailed-out utility said on Wednesday that the capital reduction, in addition to any profits booked this year, and possibly the full or partial dissolution of existing capital reserves, will serve to eliminate the loss.

An extraordinary general meeting will be convened on Dec. 8 to vote on the capital reduction, according to the company.

Under the European Commission's approval of Uniper's bailout, the German government is required to reduce its shareholding to a maximum of 25% plus one share by the end of 2028, subject to the fulfillment of certain conditions. The state currently holds a 99.12% stake in the utility.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 18, 2023 10:12 ET (14:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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