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BRUSSELS/FRANKFURT (Reuters) – The European Commission has approved the takeover of Uniper SE (OTC: 54UNPRF
), it said on Friday that the German state-owned Globalization paved the way for a gas trading company that nearly collapsed after Russia stopped supplying gas. The acquisition was approved under the EU Merger Regulation after the European Commission c excluded that it would not raise competition concerns. The committee still needs to approve Uniper’s bailout under state aid rules.
” The deal was triggered by the ongoing European energy crisis, in particular the cessation of Russian gas supplies and the sharp rise in gas prices, which led to a Uniper, the largest Russian gas importer, needs a substantial capital injection to prevent its bankruptcy,” the committee said.
Gazprom (MCX: GAZP) used to be Uniper’s largest gas supplier, but Summer deliveries dwindled and stopped altogether at the end of August, forcing Uniper to buy gas elsewhere at higher prices to meet existing contracts.
The European Union approved the acquisition just days before the planned EGM in December Uniper Investors will approve the bailout program, costing so far more than
billion euros ( billion).
“This is an important step,” said a spokesman for Germany’s Economy Ministry, a key figure in the nationalization talks.