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20 Jul, 2022 09:38

German energy giant bailout plan revealed

Berlin may have to spend €10 billion to rescue Uniper, according to Bloomberg
German energy giant bailout plan revealed

The German government and energy major Uniper are reportedly nearing an agreement under which the state will inject more than €5 billion ($5.1bn) into the business. The total commitment is likely to be up to €10 billion, Bloomberg claims, citing people familiar with the matter.

This could result in the state holding a blocking stake of 30% in the company. The exact amount is still being negotiated and an agreement could reportedly be finalized in the next few days.

Uniper, one of Germany’s largest publicly listed energy supply companies, applied for government support earlier this month. The firm cited financial difficulties caused by a drop in the supply of natural gas from Russia as the catalyst.

The energy giant is also discussing a possible loan from the government, Bloomberg says, adding that the details could be discussed at a meeting with Chancellor Olaf Scholz on Friday.

For more stories on economy & finance visit RT's business section

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