The German government has begun the process of selling energy giant Uniper, three years after the group was nationalized during the gas crisis following Russia's invasion of Ukraine.
A sale notice published in the Financial Times on Tuesday suggests the government is considering both a sale and an initial public offering (IPO).
Uniper, Germany’s largest gas importer, ran into difficulties in 2022 when Russia stopped supplying gas following its invasion of Ukraine.
Germany rescued the company in a multibillion-euro bailout and effectively became its sole owner.
The deal was authorized by the European Union subject to numerous conditions, including a commitment for the government to reduce its stake to a maximum of 25% plus one share by the end of 2028.
According to a report in the Süddeutsche Zeitung newspaper, the German government appears open to either selling one or more blocks of shares to investors, or to launch an IPO or a combination of both.
The deals would have to be finalized by November, while preparations are underway for an IPO in January 2027.
A ministry spokesman explained that the publication of the notice marked the start of the official process to gauge demand from potential buyers. Investors can register their interest until June 12.
The notice also makes it clear that, following the completion of the privatization process, the government intends to retain a 25% stake plus one share in Uniper, enabling it to secure a blocking minority.
