Skip to Content

Germany nationalizes gas supplier Uniper after EU approval

KIFI

BERLIN (AP) — The German government says it has nationalized energy company Uniper after the European Union gave its blessing for it to rescue the gas supplier. The government announced its plan to nationalize Uniper in September, expanding state intervention in the energy sector to prevent a shortage resulting from Russia’s war in Ukraine. The deal built on an initial rescue package agreed in July and features a capital increase of 8 billion euros ($8.5 billion) that Germany is financing. Uniper’s existing shareholders approved the measures on Monday. The EU’s executive Commission gave its conditional approval on Tuesday. The government is obliged to reduce its stake to 25% plus one share by 2028.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content