Germany to Sell Stake in Uniper After Emergency Nationalisation
The German government will begin selling off its stake in Uniper, the country’s largest gas importer, on Tuesday. This marks a major step in reprivatising the company nearly three and a half years after its emergency nationalisation. The process could see a partial or full stock market listing by early 2025. Uniper was taken into state ownership in late 2022 after Russia’s invasion of Ukraine triggered an energy crisis. The government injected €13.5 billion to stabilise the company, which now supplies gas to over 1,000 municipal utilities and industrial customers. At present, the state holds a 99.1% stake, but plans to reduce this to 25% plus one share by the end of the year.
The remaining 74% will be offered to investors, with bids due by June 12. Suitable buyers may include large pension funds or energy firms such as Norway’s Equinor. Pure financial investors, however, will be excluded from the process. Uniper’s current market value stands at around €18 billion, and the sale could generate proceeds in the high single-digit billions.
To avoid disrupting the share price, the government may phase the divestment over time. Options include a full initial public offering (IPO) or listing only a portion of the shares. A stock market debut is tentatively scheduled for January 2025. The government will retain a 25% plus one share stake to maintain influence over energy policy and secure gas supplies. The reprivatisation follows a €13.5 billion bailout and aims to return Uniper to private hands while ensuring stability in Germany’s energy sector. The outcome will depend on investor interest and market conditions in the coming months.
