Germany reaches provisional agreement on Uniper nationalization - Bloomberg


BERLIN, Sept 20 (Reuters) - Germany has reached a provisional agreement with Uniper UN01.DE and its Finnish parent, Fortum FORTUM.HE, about nationalizing the ailing German gas importer, Bloomberg reported on Tuesday, citing sources familiar with the situation.

The German government aims to make an announcement regarding the agreement this week although contracts have not yet been signed, according to the report.

The German economy ministry would not comment on the report, saying discussions were ongoing. "When these are completed, we will let you know," said a spokesperson.

Fortum also did not comment on the report while Uniper was not immediately available for comment.

Uniper UN01.DE said last week that the government might take a controlling stake in the company as the ailing gas importer seeks further aid, paving the way for what could result in a full nationalisation of the firm.

Uniper, Germany's largest importer of Russian gas, burned through its cash reserves sourcing gas on the expensive spot market after Moscow slashed flows to Germany, triggering a rescue package with Berlin agreed in July.

(Reporting by Tom Kaeckenhoff, Christoph Steitz, Riham Alkousaa, Writing by Miranda Murray, Editing by Rachel More)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.