Name: Germany edges closer to nationalisation of ailing gas importer Uniper
Uploaded: 2022-09-15T23:39:51+00:00
Duration: 1 min 35 s
Description: Germany's Uniper (UN01.DE) said on Wednesday the government might take a controlling stake in the company as the ailing gas importer seeks further aid, paving the way for a what could result in a full

3 years ago

Germany's Uniper (UN01.DE) said on Wednesday the government might take a controlling stake in the company as the ailing gas importer seeks further aid, paving the way for a what could result in a full nationalisation of the firm.

Germany is in talks to takeover Uniper, VNG and Securing Energy for Europe as the main solution to the country's energy woes, which have been exacerbated by Russia's invasion of Ukraine and the subsequent lack of Russian energy flowing to Europe, according to a Thursday Bloomberg report.

The potential move comes as Europe has already passed a series of bailouts as the energy crisis has deepened, with Uniper reporting that the company losses of as much as €100 million a day after Europe was cutoff from Russia's main pipeline.

Surging gas prices and Moscow’s move to squeeze supplies to Europe have already prompted a series of government bailouts and rescue loans. But those measures are increasingly dwarfed by the scale of the crisis and there’s a risk that systemic energy providers collapse without more robust government support.

A coordinated swoop on the three firms would mark a clear escalation in Europe’s response to the energy war being waged by Russia.

https://www.bloomberg.com/news/articles/2022-09-15/germany-working-on-historic-takeover-of-three-gas-companies?leadSource=uverify%20wall

https://www.foxnews.com/world/germany-working-government-takeover-gas-companies-avoid-energy-collapse

https://www.reuters.com/markets/europe/germany-weighs-nationalizing-uniper-energy-crisis-worsens-bloomberg-news-2022-09-14/

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