Other interested parties may consider offers or partnerships to divide Uniper’s assets, which span gas, coal, hydroelectric and nuclear. Credit: dongfang/ Shutterstock.

The German government’s majority stake in power company Uniper has garnered attention from potential buyers, including Abu Dhabi’s Taqa and Norway’s Equinor, as reported by Bloomberg News.  

As Germany explores options to reduce its holding, the value of Uniper could surpass €10bn ($10.3bn),

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Abu Dhabi’s Taqa and other potential suitors are evaluating Uniper as Germany considers strategies to divest its stake.  

The German government, which owns 99% of the company, is seeking to exit its holding, potentially through a single buyer or a stock offering.  

Goldman Sachs Group is advising Uniper’s management board.

Germany is working with UBS Group and Roland Berger to explore options for cutting its Uniper stake. Citigroup, Deutsche Bank and UBS may arrange the share sale if that route is chosen.  

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After bailing out Uniper due to the fallout from Russia’s invasion of Ukraine in 2022, Germany faces a European Commission mandate to reduce its stake to no more than 25% plus one share by the end of 2028. 

The market value of Uniper on the Frankfurt stock exchange is almost €18bn, but any deal is expected at a discount due to limited liquidity.  

Other interested parties may consider offers or partnerships to divide Uniper’s assets, which span gas, coal, hydroelectric and nuclear power plants in various European countries. 

A spokesperson for the German finance ministry confirmed that the government is exploring options to comply with the European Commission’s requirement but has not finalised the timing or form of a transaction.  

A capital markets sale remains a primary consideration alongside off-market possibility. 

While representatives for Equinor, Goldman and Uniper have declined to comment, and Taqa has not yet responded, Reuters reports that a full sale of the German government’s stake is under consideration.  

State-controlled Taqa seeks international expansion as part of the United Arab Emirates’ diversification efforts, while Equinor aims to grow its renewable power investments and oil and gas production in Europe. 

In early January 2025, Uniper closed the sale of its 428MW Gönyű gas-fired power plant in Hungary to French utility company Veolia.