Federal Government Prepares Withdrawal from Uniper – Orderly Reprivatization Following 2022 Crisis Rescue

Berlin/Düsseldorf (Germany) – The German federal government has initiated the reprivatization of the energy supplier Uniper. On Tuesday, the Federal Ministry of Finance published an investor announcement in the Financial Times.

The government intends to retain a blocking minority of 25 percent plus one share, while the remaining shares are to be transferred into private ownership by the end of 2028, as required by the European Commission as a condition for the state aid granted in 2022.

State takeover in 2022 following the disruption of Russian gas supplies

The move was based on a decision by the federal government after Uniper encountered severe financial difficulties due to the disruption of Russian gas supplies. The state participation was intended to ensure short-term energy security and stabilize a key operator of critical energy infrastructure. At the time, the federal government initially acquired around 93 percent of the shares; through later purchases from the previous majority shareholder Fortum, the state’s stake increased to approximately 99 percent.

The European Commission approved the measure under state aid rules and attached clear conditions: the federal government is obligated to reduce its stake to a maximum of 25 percent plus one share by the end of 2028 at the latest. State control was therefore designed from the outset as a temporary stabilization measure.

Uniper rescue in 2022 through capital increase

As part of the stabilization effort, Uniper received support through a capital increase of €8 billion in December 2022. This was subscribed exclusively by the federal government. The subscription price was €1.70 per share. In addition, the government acquired further shares from the former majority shareholder Fortum.

The financing was carried out through the Economic Stabilization Fund (WSF). The funds replaced bridge loans previously granted by the state-owned development bank KfW and were partially repaid. At the same time, authorized capital of up to €25 billion was created to enable additional capital measures in the event of further crises.

Reprivatization: Implementation of EU Requirements by 2028

With the process now underway, the EU requirement established in 2022 for a gradual return to private ownership structures is being implemented. The federal government is examining several options: a direct sale of blocks of shares, an initial public offering (IPO), or a combination of both. Only long-term investors interested in preserving the company as a whole are being sought.

Interested companies can contact the Federal Ministry of Finance until June 12. According to multiple consistent media reports, possible deals are planned by November; in parallel, preparations are reportedly underway for an IPO in January 2027, through which the government could gradually and in a market-friendly manner sell additional shares.

During the energy crisis, Uniper was one of the key companies ensuring gas and electricity supply in Germany and was protected from existential financial collapse through state stabilization measures.

Source: IWR Online, 20 May 2026