Image: ReutersGermany confirmed the nationalisation of struggling gas importer Uniper at a cost of 8 billion euros on Wednesday as it scrambles to secure power for Europe’s largest economy after Russia cut back supplies.
But it soon became clear that the bailout was not enough to cover Uniper’s soaring losses and Germany will now inject another 8 billion euros, partly by buying out Finnish utility Fortum’s holding for 1.70 euros per share.After completing a capital increase and the Fortum share buy, which excludes the Finnish firm’s subscription rights, Germany will hold 99% of Uniper, the economy ministry said.
Under the agreement with Fortum over Uniper, the Finnish utility will be paid back a 4 billion euro parent company loan and released from its 4 billion euro parent guarantee which it had given to Uniper earlier this year, Fortum said.
I'm really grateful for all the efforts you have render to me with my little investment of R4000 and with joy over me after withdrawing R50,000 with your help Catherine_nico thank you for everything you have done for me and my family Catherine_nico
In SA our politicians are pushing the privatization agenda...in Germany they are doing the opposite (nationalization), an approach heavily critisised by liberals when EFF raise it in their policies. 🤗
South African Government must buy shares there ASAP