Fortum to Fully Divest Uniper Stake to the German State
21 September 2022 - 8:34AM
Dow Jones News
By Dominic Chopping
Finnish energy group Fortum Oyj said Wednesday it has agreed to
sell its stake in Uniper SE to the German state in a move aimed at
securing energy supply in Germany.
Uniper was Germany's largest importer of Russian natural gas
until recently but suffered heavy losses after Moscow cut supplies
in recent months and was forced to buy gas on the market where
prices have hit record highs.
The German state in July pledged to take a 30% stake in Uniper
and extended credit lines as part of a bailout package, but
Wednesday's deal will replace that agreement, with Germany
underwriting an 8 billion euro ($7.98 billion) capital increase and
buying Fortum's stake for around EUR500 million.
Upon completion of the capital injection and share purchase, the
German state will own around 98.5% of Uniper.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 21, 2022 02:19 ET (06:19 GMT)
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