Berlin could kick off sale of energy firm Uniper by summer, sources say

Uniper SE

27/04/2026 21:45

LONDON/FRANKFURT, April 27 (Reuters) - Berlin could soon kick off the reprivatisation process for Uniper after a merger of the bailed-out energy firm with peer SEFE has become less likely, two people familiar with the matter said.

The process, which will likely result in a sale or listing of the company, could be started via an official tender note before the summer, the people said, declining to be identified because the matter is private.

The move would end months of uncertainty over what Berlin intends to do with the two firms, both of which were nationalised during Europe's energy crisis in 2022 for a total of nearly 20 billion euros ($23 billion).

A potential merger of Uniper's and SEFE's gas assets, discussed over the last few months, is seen as lengthy and complex, one of the people said, leaving both groups to pursue reprivatisation independently to an end-2028 deadline set by Brussels.

The sources said this was also reflected by SEFE's proposal last week to raise up to 2 billion euros in capital over the next nine to 12 months to get its divestment process going.

Uniper, which in March announced its first dividend in four years, and Germany's Finance Ministry, which is overseeing Berlin's 99.12% stake in the company, both declined to comment.

The country's Economy Ministry, in charge of SEFE, said that various options were being examined, adding that no decision had been taken and that Germany would "take account of the security of supply in Germany and Europe" as part of the process.

($1 = 0.8531 euros)

(Reporting by Andres Gonzalez, Christoph Steitz and Holger Hansen; Editing by Anousha Sakoui and Edward Tobin)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))