What is the latest development regarding Germany's plan for Uniper's future?

Berlin could kick off the reprivatisation process for Uniper by issuing an official tender note before summer, likely resulting in a sale or stock market listing; this follows the diminishing likelihood of a merger between Uniper and SEFE, and aims to meet the EU-mandated end-2028 deadline for reprivatisation.

Why has the proposed merger between Uniper and SEFE become less likely, and what does that mean for both companies' paths forward?

The potential merger of Uniper's and SEFE's gas assets is seen as lengthy and complex, prompting both firms to pursue independent reprivatisation instead; this shift is underscored by SEFE's recent proposal to raise up to €2 billion in capital within nine to 12 months to advance its own divestment process, while Uniper — having announced its first dividend in four years — moves toward reprivatisation under the Finance Ministry’s oversight of its 99.12% state stake.

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Berlin could kick off sale of energy firm Uniper by summer, sources say

Apr 27, 2026

German authorities may initiate the sale of state-owned energy firm Uniper by summer following the collapse of a planned merger with peer SEFE, ending months of uncertainty over the companies' future after their 2022 nationalisation.

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