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Germany working on historic takeover of three gas companies

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Move will mark clear escalation in European response to energy crisis

Uniper and SEFE didn’t immediately respond to requests for comment. Fortum Oyj, Uniper’s largest shareholder with a 78 per cent stake, said it couldn’t comment while negotiations are under way. Spokespeople for the German economy ministry and VNG declined to comment.

One of those complications is the Finnish utility Fortum, which still owns a majority of Uniper. It has already granted loans to its unit but made clear earlier this year it didn’t want to keep extending credit. The government has already agreed to take a 30 per cent stake in Uniper.

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