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Uniper Says Germany Could Take Majority Stake as Part of Rescue Deal

By Giulia Petroni

 

Uniper SE on Wednesday said that discussions with the German government and its parent company Fortum Oyj over a rescue deal include a potential equity raise that would result in a significant majority participation by the state.

The German gas importer said no decisions beyond what was agreed to in the stabilization package in July have been made, but the parties involved are looking into alternative solutions as the energy crisis has worsened.

Following Russia's halt of gas flows through the Nord Stream pipeline and as a result of extremely high and volatile gas and power prices, Uniper said its financial losses have significantly increased due to the higher gas procurement cost.

"The deteriorating operating environment and Uniper's financial situation have to be taken into account while Fortum, the German government and Uniper continue their discussions on a long-term solution," the company said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

September 14, 2022 06:52 ET (10:52 GMT)

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