Gas giant Uniper’s shareholders agree to German state bailout

Ahead of the vote, the firm’s chief executive Klaus-Dieter Maubach warned shareholders they risked losing their entire investments in the company rejected the package.  

Once one of Russian gas giant Gazprom’s biggest customers, the firm incurred heavy financial losses from Russian gas curtailments amid the Ukraine war. 

In its statement, Uniper said the agreement “forms the basis for the state stabilisation” of Uniper in the form of a capital increase worth €8bn (£6.9bn), and the creation of an authorised capital of €25bn (£21.8bn).   

Uniper chief executive Klaus Dieter Manbach said: “By stabilising the company, the Federal Government recognises the central role that Uniper plays for the security of supply in Germany and Europe. Together with the federal government, Uniper will contribute to the sustainable development of our energy system.” 

Uniper also signed an agreement Fortum, the electric services company which in September divested fully to the German government, that will make it its right – limited in time until the end of 2026 – to make an initial offer should Uniper decide to sell its Swedish hydropower or nuclear businesses.