Germany has completed the nationalization of the gas holding company Uniper SE

The German authorities have completed the nationalization of the German energy concern Uniper SE, the government will receive 99% of shares, the European Commission has approved the move, according to a joint statement of the German Ministry of Economy and Ministry of Finance.

"The entry of the federal government into the energy supplier Uniper SE has been completed," the statement said.

It is specified that the federal government will take over about 99% of the company. German authorities explained that the government's participation serves to ensure the reliability of energy supply in Germany.

"The European Commission approved this aid measure under the state aid law on December 20, 2022," the statement added.

It was reported Monday that the German government and Uniper entered into a framework agreement specifying measures to stabilize the company. The agreement creates the basis for the state stabilization of Uniper in the form of a capital increase of 8 billion euros and the creation of share capital of 25 billion euros.