German govt takes 30% Uniper stake, shares sink

Friday, 22. July 2022 12:31

German Chancellor Olaf Scholz announced on Friday the federal government will be taking a 30% stake in the country's largest gas importer Uniper SE as part of the bailout deal to support the company amid the energy crisis.

Scholz said the government will acquire the stake at a fixed price of €1.70 a share while creating mandatory convertible bonds available in the amount of up to €7.7 billion as hybrid equity. In addition, the existing loans from KfW will be expanded from €2 billion to €9 billion.

Uniper's shares plunged 17% in Frankfurt following the deal announcement and extended losses later during the day to land at a new all-time low.

Related Links: Uniper SE
Author:
Baha Breaking News (BBN) / ND