The importer of natural gas to Germany, the company Uniper, has had existential problems for a long time. The energy crisis brought him to them, especially the rising prices of the commodity he trades with. Uniper is most likely headed for a takeover by the federal government.
Takeover of 78% of Uniper
The German state is ready to take over a 78 percent stake in Uniper and pour another eight billion euros into it. The federal government’s total ownership stake in Uniper is to reach up to 90 percent, Reuters reported.
Uniper confirmed it was finalizing negotiations with the federal government for a financial injection and “in return the government will acquire a significant majority stake in Uniper”. However, the final agreement has not yet been agreed upon by both parties. According to estimates, the total sum for the rescue of the main importer of natural gas to Germany will thus reach at least 29 billion euros.
Problems with the Russian giant Gazprom
Uniper ran into trouble after Russian mining giant Gazprom began cutting gas supplies to Europe, particularly Germany, in de facto contravention of agreed contracts. Uniper thus had to buy gas on the spot market to meet its obligations. But it was the skyrocketing price of gas that led to Uniper’s financial exhaustion.
