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Uniper concludes framework agreement with the Federal Government – approval by the EU Commission under state aid law expected soon

Federal Ministry of Finance to be responsible for Uniper shareholding in the future.

Uniper concludes framework agreement with the Federal Government – approval by the EU Commission under state aid law expected soon

Moscow, December 19 - Neftegaz.RU. The German Federal Government and Uniper have today concluded a framework agreement to concretize the measures to stabilize Uniper agreed between the Federal Government, Uniper and Fortum on 21 September 2022.

The agreement forms the basis for the state stabilization of Uniper in the form of a capital increase of EUR 8bn and for the creation of authorized capital of EUR 25bn.

The General Meeting is to approve the capital increase and the Authorized Capital at the Extraordinary General Meeting to be held today. The state aid approval by the EU Commission is expected in the near future and represents the main outstanding condition for the implementation of the stabilization measures.

The Federal Ministry of Finance will be responsible for the Uniper shareholding in the future.

The common goal of the Federal Government and Uniper is not only to ensure security of supply, but also to help establish a sustainable energy supply in Germany and thus also give the company and its employees a perspective for the future.

The framework agreement defines consultation and approval rights of the Federal Government for the period of its shareholding and imposes certain reporting and information obligations on Uniper. The framework agreement further provides that section 29(1a) of the EnSiG, which was adopted by the Bundestag at the end of last week, shall apply to the remuneration of Uniper SE’s Board of Management and Supervisory Board. The company will also not distribute any dividends – without the approval of the Federal Government – until the stabilization has been terminated.

Uniper CEO Klaus-Dieter Maubach:

  • With the signing of the framework agreement, another important milestone for the stabilization of Uniper has been reached.
  • I am confident that the Extraordinary General Meeting will approve the capital measures today.
  • We expect the EU Commission’s approval under state aid law in the coming days.
  • By stabilizing the company, the Federal Government recognizes the central role that Uniper plays for the security of supply in Germany and Europe.
  • Together with the Federal Government, Uniper will contribute to the sustainable development of our energy system.

Uniper also signed an agreement with Fortum today, under which Fortum’s right, limited in time until the end of 2026, to make an initial offer should Uniper decide to sell the Swedish hydropower or nuclear businesses – or parts thereof – was concretized. There are currently no intentions to sell on the part of Uniper.

The Extraordinary General Meeting of Uniper SE will start today at 12:00 pm. The ordinary capital increase is to be carried out immediately after the EU Commission has granted its approval under state aid law.

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