Germany initiates sale of majority stake in Uniper
The German government has begun the divestment of its 99% stake in gas importer Uniper SE, aiming to exit its bailout role while retaining a blocking minority to safeguard national energy security.
The German government has launched a formal sales process to reduce its 99% stake in Uniper SE to a 25% blocking minority by 2028, a move designed to comply with European Union state aid rules. The Finance Ministry published a sale notice in the Financial Times on Tuesday, setting an initial deadline of 12 June for expressions of interest to be submitted to advisers JPMorgan Chase and UBS. The government is considering both an initial public offering and a private transaction with long-term institutional investors, while retaining a stake to ensure control over national energy security.
Uniper’s financial health has recovered significantly, moving from a €40 billion loss in 2022 to a €1.43 billion net profit in 2025, with a market capitalisation of approximately €18 billion. Early interest has reportedly been expressed by Norway’s Equinor, Czech billionaire Daniel Kretinsky’s EPH, and Brookfield Asset Management. Uniper’s shares jumped nearly 4% following the announcement of the sales process, reflecting market optimism about the utility’s turnaround from its €34.5 billion state bailout during the 2022 energy crisis.
The divestment is a forced march mandated by the European Commission, which required Berlin to relinquish control by the end of 2028 when it approved the multi-billion-euro life support package four years ago. Chancellor Friedrich Merz’s administration is navigating political risks amid tight global gas markets and ongoing disruptions in the Middle East, including the war in Iran affecting shipments through the Strait of Hormuz. The government aims to finalise the first phase of the transaction by November.
However, the plan faces significant opposition from powerful labour unions, who fear asset stripping and have threatened industrial action if a private sale occurs. Works council chief Martin Geilhorn has referenced the Commerzbank sale precedent, warning that an off-market transaction could open the door to hostile takeovers. While the works council has signaled support for a clean, public initial public offering, an outright sale to an external buyer like EPH or Brookfield Asset Management risks triggering a boardroom battle and widespread industrial action.
Uniper is currently executing 568 megawatts of solar and onshore wind projects across the UK and Europe, with a broader plan to build 8 gigawatts of renewable capacity by 2030. Management is expected to highlight these green credentials in the coming months to position the firm as a forward-looking utility. The June 12 deadline will provide the market with its first indication of whether institutional investors are willing to pay a premium to absorb Uniper’s sprawling infrastructure amidst the union pushback.
