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Dow Jones Newswires: Uniper shares rise after EU clears Germany’s bailout

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Uniper SE shares rose Wednesday after the European Union approved Germany’s 34.5 billion euro ($36.65 billion) rescue package for the struggling gas importer which has been hit hard by Russian curtailments.

At 0827 GMT, the stock
UN01,
+4.70%

was 6.4% higher at EUR3.17, having dipped to record lows this year due to the company’s extensive financial losses.

The European Commission, the EU’s executive arm, approved the bailout, which included a cash capital increase of EUR8 billion to be subscribed at EUR1.70 a share and authorized capital of up to EUR26.5 billion under a long list of conditions the utility must fulfill.

Uniper will have to divest a number of assets including its stake in Russia’s Unipro, its district heating business in Germany and its North American power business, among others things.

“We will do everything in our power to find the best owners for the assets and businesses to be sold,” Chief Executive Officer Klaus-Dieter Maubach said.

Until the end of 2026, the company may only make acquisitions that are necessary to ensure its continued viability, the Commission said, and will have to withdraw the arbitration claim against the Netherlands related to the country’s coal phase-out plans.

Write to Giulia Petroni at giulia.petroni@wsj.com

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