Germany to Take 30% Stake in Uniper in Bailout Deal
22 Juli 2022 - 12:33PM
Dow Jones News
By Georgi Kantchev
Germany will take a 30% stake in Uniper SE and provide funding
in a bailout deal to save the ailing utility after it was hit hard
by dwindling supplies of Russian gas and rising energy prices.
The rescue package comes after Uniper, Germany's largest
importer of Russian gas and one of Europe's largest utilities, has
been hemorrhaging cash daily as it is forced to buy supplies at
much higher prices from alternative sources after Russia reduced
deliveries last month.
Russia restarted the Nord Stream pipeline on Thursday after a
ten-day annual maintenance, but supplies continued to be capped at
40% of its capacity. Moscow blamed technical problems for the Nord
Stream shortfall, which German officials have called an economic
attack.
(END) Dow Jones Newswires
July 22, 2022 06:18 ET (10:18 GMT)
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