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Major German company nationalized

Major German company nationalized

Berlin, Dec 22 (Prensa Latina) A joint statement from the German Ministries of Economy and Finance on Thursday reported the completion of the nationalization of the German energy company Uniper.

The firm, based in Düsseldorf, entered into a desperate situation this year due to the cut in the supply of Russian gas, caused by Western sanctions as a result of the conflict in Ukraine, and the increase in gas prices.

In order to fulfill its own supply contracts, Uniper must now buy gas at much higher prices, causing severe liquidity problems.

The German Government’s rescue package provides, among other things, a capital increase of eight billion euros.

Added to the shares already acquired from the previous majority shareholder (the Finnish state-owned Fortum), the German State now owns around 99 percent of the company.

Uniper estimates that the required State aid could amount to more than 30 billion euros by the end of 2024.


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