Germany launches Uniper reprivatisation to slash state ownership by year-end
The German government will begin the reprivatisation of Uniper on Tuesday, nearly three and a half years after rescuing the energy company. The move aims to reduce the state’s 99.1% stake while ensuring long-term stability for the gas supplier. Uniper currently serves over 1,000 municipal utilities and major industrial customers across the country. The government plans to cut its ownership to 25% plus one share by the end of this year. This will allow it to retain some influence over energy policy and secure gas supplies. The remaining 74% of the company will be sold off in stages over the coming months.
Potential investors have until June 12 to submit expressions of interest to the Finance Ministry. Officials are looking for long-term backers who will keep Uniper intact rather than breaking it up. The most likely approach involves bringing in one or two major investors while listing a smaller portion of the company on the stock exchange. Uniper’s current market value stands at around €18 billion. The restructuring could generate proceeds in the high single-digit billions. A full stock market listing might happen as early as January 2025, with the government gradually reducing its stake over time.
The reprivatisation marks a major step in Uniper’s recovery since its 2021 bailout. The government will maintain a blocking minority to protect strategic interests. The process will also test investor appetite for one of Europe’s largest gas suppliers.
