Finance
German economy ministry open to idea of SEFE, Uniper tie-up, sources say
Published by Global Banking and Finance Review
Posted on September 18, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 18, 2025
2 min readLast updated: January 21, 2026
Germany's economy ministry is considering a merger between Uniper and SEFE to form a gas giant, complying with EU regulations to reduce government ownership.
BERLIN/DUESSELDORF/FRANKFURT (Reuters) -Germany's economy ministry, which oversees ownership of former Gazprom unit SEFE, is open to the idea of combining all or parts of the business with bailed out peer Uniper, according to two people familiar with the matter.
The deliberations around a partial tie-up come as Germany's government - which owns both firms after rescuing them for a combined 19.8 billion euros ($23.4 billion) during Europe's energy crisis - is pondering exit options.
While the economy ministry is in favour of a tie-up scenario, Germany's finance ministry, where Berlin's 99.12% in Uniper lies, is more sceptical, one of the people said.
A decision on the matter could be taken within the next few weeks, the second person said.
The EU has asked Berlin to cut its ownership in both entities to a maximum of 25% plus one share by 2028, with separate listings and divestments among the potential options.
One idea under discussion is the creation of a German gas giant that could be formed by combining both companies' gas procurement, trading and storage assets, two separate sources familiar with the matter said.
The finance ministry and Uniper declined to comment.
The economy ministry was not immediately available for comment.
SEFE operates 4,200 kilometres (2,610 miles), or 10%, of Germany's gas network system, while Uniper is the country's top gas importer. Both companies operate around a quarter of Germany's gas storage capacity each and operate substantial commodity trading desks.
SEFE said it had mandated advisors for the reprivatisation process, adding such appointments had been made independent of individual options.
SEFE and Uniper had to be nationalised in 2022 to ensure security of supply in the wake of Russia's invasion of Ukraine.
Manager Magazin earlier reported that the economy ministry was in favour of a potential Uniper-SEFE merger.
($1 = 0.8448 euros)
(Reporting by Andreas Rinke, Tom Kaeckenhoff, Emma-Victoria Farr, Christoph Steitz and Holger Hansen; Editing by Susan Fenton)
A merger is the combination of two companies into one, often to enhance competitiveness, increase market share, or achieve operational efficiencies.
EU regulations are laws that apply directly to all member states of the European Union, aimed at ensuring uniformity in various sectors, including finance and energy.
A gas network is a system of pipelines and facilities that transport natural gas from production sites to consumers, ensuring supply and distribution.
Energy sustainability refers to the ability to meet current energy needs without compromising the ability of future generations to meet theirs, often through renewable resources.
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