Germany kicks off sales process of bailed-out energy firm Uniper (updated)

Uniper SE

19/05/2026 05:55

Suitors have until mid-June to express interest

Uniper was bailed out in 2022

Berlin must cut stake to 25% plus one share by end-2028

Adds deputy supervisory board chairman in paragraph 12

By Christoph Steitz and Christian Kraemer

FRANKFURT/BERLIN, May 19 (Reuters) - Germany began the sale process for Uniper UN0k.DE on Tuesday, inviting potential bidders for what could become one of Europe's biggest deals this year and draw a line under the government's 13.5 billion euro ($15.7 billion) bailout of the energy group.

Berlin nationalised Uniper during Europe's 2022 energy crisis to save it from collapse after its former main supplier of gas, Gazprom GAZP.MM, stopped deliveries.

The government said in an official notification that a sale or listing was being considered for its 99.12% Uniper stake, with the caveat that it wants to retain a blocking minority.

Uniper, which was spun off from E.ON EONGn.DE a decade ago, was the biggest casualty of the crisis and has since ended energy relations with Russia, regained its ability to pay dividends and sold assets to satisfy EU bailout conditions.

Potential buyers have until 1200 CET (1000 GMT) on June 12 to submit a letter of intent to JPMorgan and UBS, the government said in an announcement placed in the Financial Times.

SECURITY OF SUPPLY KEY TO BERLIN

Sources told Reuters last month that the process, which will likely result in an outright sale or initial public offering of Uniper, could be started via an official tender note before the summer.

A finance ministry spokesperson said the government would ensure that "the long-term viability of the whole company, and thus Germany's security of supply, is safeguarded".

This is underscored by Berlin's commitment to keep a Uniper stake of 25% plus one share, which is the maximum level allowed from the end of 2028 under European Union terms set for the firm's nationalisation in 2022.

Uniper accounts for around a fifth of Germany's gas supply, is the country's largest gas storage operator and is in charge of nearly a quarter of so-called systemically relevant power capacity, which must be kept on reserve.

"We are now more stable, more resilient and more clearly positioned strategically," Uniper CEO Michael Lewis said in a statement.

Berlin has no plans to sell individual parts of Uniper, which is to remain integrated, and may target a sales agreement later this year, two people familiar with the matter said, adding a potential IPO could extend into 2027.

Rolf Wiegand, Uniper's deputy supervisory board chairman and leading labour representative of the Ver.di union, said an IPO with government participation was the favoured option to ensure Uniper's independence.

Its shares were up 11.4%, giving it a market valuation of nearly 20 billion euros, with sources previously saying this may not reflect the actual value due to Uniper's very low free-float.

Sources told Reuters last year that New York-based Brookfield BN.TO, Daniel Kretinsky's EPH, Norway's Equinor EQNR.OL and Abu Dhabi's Taqa TAQA.AD were among the parties interested in Uniper.

($1 = 0.8591 euros)

 (Reporting by Rachel More and Christoph Steitz; Editing by Linda Pasquini, Thomas Derpinghaus, Alexander Smith and Tomasz Janowski)

 ((rachel.more@thomsonreuters.com;))