99 % Federal Government

Today, the Federal Government, Uniper SE (“Uniper”) and Fortum Oyj (“Fortum”) signed an amendment of the stabilization package for Uniper announced on 22 July 2022. The amendment reflects and takes the further developments including increased curtailments of gas deliveries from Russia since the end of July into consideration. The stabilization package now comprises of a capital increase of EUR 8bn for an issue price of EUR 1.70 per share excluding the shareholders’ subscription rights. The capital increase will exclusively be signed by the Federal Government and will lead to a shareholding of the Federal Government in Uniper of approximately 93% (after the capital increase). Further, the Federal Government shall acquire the Uniper shares currently held by Fortum for EUR 1.70 per share, which leads to a shareholding of the Federal Government of approximately 99%.

The state-owned bank KfW will provide financing to Uniper according to its liquidity needs including replacement of current credit line from Fortum, consisting of EUR 4bn shareholder loan and EUR 4bn guarantee line.

The stabilization measures continue to be subject, inter alia, to the withdrawal of Uniper’s lawsuit against the Netherlands in connection with the Energy Charter Treaty (ECT), regulatory approvals in various jurisdictions, inter alia state-aid and merger control approvals from the EU Commission.

Uniper aims to hold an extraordinary general meeting to obtain shareholder approval for the stabilization measures in Q4 2022.

Published by:

Dr. Oliver Everling

Independent since 1998, he is Managing Director of RATING EVIDENCE GmbH. As visiting professor of Capital University of Economics and Business in Beijing, former chairman of the supervisory board of a rating agency, advisory board member, advisor, member of rating committees, chairman of ISO-TC Rating Services, author or publisher of books and a magazine, Independent Non-Executive Director under EU Regulation on Credit Rating Agencies, he has been or is involved in ratings from a variety of perspectives. Previously, he was for 6 years department director at Dresdner Bank and, until 1993, managing director of the Projektgesellschaft Rating mbH after a doctorate at the banking and stock exchange seminar of the University of Cologne.

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