Uniper's rocky road to German nationalization [Financial Post (Toronto, Ontario, Canada)]
FORTUM OYJ CP UNSP/ADR (FOJCY)
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Source: Financial Post
Russia closed the important Nord Stream 1 export pipeline into Germany three weeks ago, saying Western sanctions were hindering operations. European politicians say this is a pretext by Moscow for weaponising gas supplies. Here is how Uniper ended up being nationalized. SEPTEMBER Under Wednesday's nationalization plan, Germany will hold 99% of Uniper once it completes a capital increase and buys the holding of its Finnish parent company Fortum. Uniper relied on long-term supply contracts with Gazprom along with sector peers SEFE – formerly known as Gazprom Germania – and EnBW subsidiary VNG. All three may benefit from a planned gas levy from Oct. 1. Uniper is weighing legal proceedings against Gazprom in a Swedish arbitration court. AUGUST Germany sets the gas levy that would allow Uniper and its rivals to pass on 90% of spiraling gas prices to customers. JULY The German government agrees to a 15 billion euro Uniper rescue deal and to more than quadruple a credit li
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