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Published 2 years ago

Germany nationalizes country's biggest gas importer Uniper

Summary by Ground News
The German government has agreed to nationalize the country's biggest gas importing company, Uniper, expanding state intervention in the industry to prevent an energy shortage resulting from Russia's war in Ukraine. Russia's gas supply freeze has threatened to drive the company into bankruptcy. In July, Uniper asked the government for a bailout to the tune of €2 billion. Uniper serves as an intermediary between Russian suppliers and German consumers. The agreement comprises a capital increase of 8 billion euros ($7.94 billion) for an issue price of 1.70 euros per share excluding the shareholders' subscription rights. After completion of the capital increase, which will exclusively be signed by the German government, the government will hold around 99% of Uniper.

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