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Germany Mulls Several Options for Sefe and Uniper, Including Sale or IPO
Published by Global Banking & Finance Review®
Posted on September 10, 2025
1 min readLast updated: January 22, 2026
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Germany is exploring sale or IPO options for SEFE and Uniper, aiming to reduce its stake to 25% by 2028 after nationalising them during the energy crisis.
Germany mulls several options for SEFE and Uniper, including sale or IPO
BERLIN (Reuters) -The German government is examining several options for both SEFE and Uniper, the energy firms Germany nationalised during Europe's energy crisis, including a separate sale or a possible listing, the economy ministry said on Wednesday.
"The federal government is examining various options with an open mind," a spokesperson for the ministry said.
Gazprom Germania, now operating under the name SEFE, was nationalised by Berlin in 2022 after the group's former Russian parent ditched the division, which is a vital part of Germany's gas supply.
The company had to be rescued with a 6.3-billion-euro ($7.37 billion) bailout after Russia suspended gas supplies.
Uniper was bailed out also in 2022 when the government injected a total of 13.5 billion euros.
Berlin has been preparing to reduce its 99.12% holding as soon as this year, sources have told Reuters.
Under European Union requirements, Berlin must reduce its stake in both companies to no more than 25% plus one share by 2028.
($1 = 0.8547 euros)
(Reporting by Riham Alkousaa, Editng by Miranda Murray)
Key Takeaways
- •Germany is considering selling or listing SEFE and Uniper.
- •Both companies were nationalised during the energy crisis.
- •Berlin aims to reduce its stake to 25% by 2028.
- •SEFE was formerly Gazprom Germania.
- •Uniper received a 13.5 billion euro bailout.
Frequently Asked Questions about Germany mulls several options for SEFE and Uniper, including sale or IPO
1What options is the German government considering for SEFE and Uniper?
The German government is examining several options for both SEFE and Uniper, including a separate sale or a possible IPO.
2Why was Gazprom Germania nationalized?
Gazprom Germania, now SEFE, was nationalized by Berlin in 2022 after its former Russian parent abandoned the division, which is crucial for Germany's gas supply.
3What financial support did Uniper receive?
Uniper was bailed out in 2022 when the government injected a total of 13.5 billion euros to stabilize the company.
4What is the current stake of the German government in these companies?
Berlin currently holds a 99.12% stake in both SEFE and Uniper, which it plans to reduce as soon as this year.
5What are the EU requirements regarding government stakes?
Under European Union requirements, Berlin must reduce its stake in both companies to no more than 25% plus one share by 2028.
