Shareholders of Uniper clear way for German nationalization

BERLIN (AP) — Shareholders of German energy company Uniper have approved a rescue package for the gas supplier, clearing the way for its nationalization. The government announced its plan to nationalize Uniper in September, expanding state intervention in the energy industry to prevent an energy shortage resulting from Russia’s war in Ukraine. The deal built on an initial rescue package agreed to in July and features a capital increase of 8 billion euros ($8.5 billion) that Germany will finance. As part of the agreement Uniper’s shareholders approved Monday, the government will gain a 99% stake in the energy supplier. Until now, Uniper was controlled by Finland-based Fortum. The Finnish government has the largest stake in Fortum.