Energiekonzern: Wichtiger Schritt zur Reprivatisierung: Uniper plant Kapitalmarkttag in wenigen Wochen

Germany's state-owned gas importer Uniper is set to host a capital market day in the near future, according to three sources familiar with the operation, who spoke to Handelsblatt. Uniper confirmed the information upon request. The event is scheduled for November 16th in London, with invitations sent to investors on Wednesday afternoon.

This marks a significant step towards the reprivatization of Uniper, which was nationalized by the Bund during the Ukraine crisis. Prior to 2022, Uniper sourced over 80% of its gas from Russia and supplied it to hundreds of German city utilities and companies. When Russia halted supplies in autumn 2022, the company faced difficulties.

The government intervened to ensure Germany's gas supply. Now, the federal government must reprivatize its largest energy company. The EU requires that by 2028, around 75% of shares must revert to private ownership. After much political debate, the reprivatization process is now underway, with observers believing major steps may be taken by Christmas.

The Federal Finance Ministry is responsible for Uniper's share sales, with Finance Minister Lars Klingbeil (SPD) making the decision. However, the Bundeswirtschaftsministerium, led by Ministerin Katherina Reiche (CDU), is also involved. The upcoming vote, including the capital market day, has reportedly been complicated, with differing views on the ideal timeline.

The Finance Ministry is concurrently working on two options for reprivatization: a potential direct sale of substantial shares to individual investors or consortia, and a possible new listing on the stock exchange. While Uniper is currently listed on the stock exchange, less than 1% of shares are freely tradable, with the state holding over 99%.

The upcoming capital market day primarily targets investors interested in purchasing Uniper shares upon a stock exchange listing, aiming to align their expectations. Subsequently, Uniper management can initiate a roadshow to engage with individual investors. In the direct sale path, known as the M&A track, the federal government has already received initial, non-binding bids from potential investors, including a consortium of Canadian investors Brookfield and CPP Investments, Norwegian energy company Equinor, energy company RWE in a consortium with KKR, and Czech investor Daniel Kretinsky with his company EPH.