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German government agrees nationalization deal for energy giant Uniper

Uniper has received billions in financial aid from the German government as a result of surging gas and electric prices following Russia’s war in Ukraine.

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The German government on Wednesday agreed the nationalization of utility Uniper as it strives to keep the industry afloat in the wake of a worldwide energy crisis.

Having already agreed in July to bail out the major gas importer with a 15 billion euro ($14.95 billion) rescue deal, the state will now buy out the 56% stake of Finland’s Fortum for a 0.5 billion euros. The German state is set to own around 98.5% of Uniper.

“Since the stabilisation package for Uniper was agreed in July, Uniper’s situation has further deteriorated rapidly and significantly; as such, new measures to resolve the situation have been agreed,” Fortum announced in a statement on Wednesday morning.

This is a breaking news story. Please check back for more.

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