Latest News

: German Uniper takeover would be the first nationalization since 2008

0

Shares of Uniper SE tumbled on Wednesday, following a report that the German government is considering fully nationalizing the gas importer or increasing its stake to above 50%.

The struggling company
UN01,
-20.07%

may need more than its €20 billion ($20 billion) support package, according to a Wednesday report on Bloomberg News that cited sources.

Shares in Uniper, down nearly 90% so far this year, tumbled 11% on Wednesday.

Earlier in July, the government took a 30% stake in the Dusseldorf-based energy giant to save it from potential bankruptcy as natural gas prices soared from Russia throttling down its supply of the commodity.

Moscow has been accused of weaponizing energy in retaliation for sanctions over its invasion of Ukraine more than six months ago.

“The parties are looking into alternative solutions, inter alia a straight equity increase that would result in a significant majority participation by the German Government,” Uniper said in a statement to Bloomberg.

The German economy ministry declined to provide comment to Bloomberg. MarketWatch has reached out to Uniper for a response.

Coronavirus Update: WHO head offers upbeat view of state of pandemic; ‘The world has never been in a better position to end it.’

Previous article

Project Syndicate: Demonizing the probable ruling coalition in Italy as ‘fascist’ won’t help pro-Union forces win the debate

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News