Uniper Shares Drop as Germany Weights Rescue Options Including Majority Stake
14 September 2022 - 3:08PM
Dow Jones News
By Giulia Petroni
Uniper SE's shares plunged on Wednesday after the utility said
that it is looking at bailout alternatives with the German
government, including a potential equity raise that would result in
a significant majority participation by the state.
Shares at 1222 GMT were down 15% at EUR4.13.
The German gas importer said that no decision has been made yet,
but its financial situation has worsened over the last few months
due to higher gas procurement costs.
In July, Germany had agreed to take a 30% stake in the utility
as part of a bailout deal to rescue the company, which had been hit
hard by dwindling supplies of Russian gas and rising energy prices.
However, recently the energy crisis has escalated further amid
extremely volatile gas and power prices and Russia halting flows
through the Nord Stream pipeline.
"The deteriorating operating environment and Uniper's financial
situation have to be taken into account while Fortum, the German
government and Uniper continue their discussions on a long-term
solution for Uniper," the German utility said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 14, 2022 08:53 ET (12:53 GMT)
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