EC allows Germany to nationalize Uniper
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The European Commission has approved the acquisition by Germany of the energy concern Uniper, which is on the verge of bankruptcy due to the termination of gas supplies by Gazprom. This is reported Reuters with reference to the EC statement.
“The deal was triggered by the ongoing European energy crisis, in particular the cut off of Russian gas supplies and a sharp increase in gas prices, as a result of which Uniper, the largest importer of Russian gas in Germany, required significant capital injections to prevent its insolvency,” the commission said in a statement. .
The EC approved the nationalization under EU regulation after the commission concluded that it would not cause competition problems, the agency reports. It is noted that the EC has yet to approve Uniper’s assistance in accordance with EU rules on state aid.
According to the agency, an extraordinary meeting of shareholders is scheduled for December 19, at which Uniper investors must approve financial assistance, which currently amounts to more than €51 billion.
Gazprom was the largest gas supplier to Uniper, but at the end of August, supplies completely stopped. The German company had to buy expensive gas on the market to fulfill contractual obligations. At the end of November Uniper initiated arbitration proceedings against Gazprom Export, hoping to compensate more than €11.6 billion for lost gas volumes.
More details – in the material “International trumpet”.
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