Headlines
Germany removes dividend ban for Uniper, paving way for IPO
Published by Global Banking and Finance Review
Posted on December 19, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 19, 2025
2 min readLast updated: January 20, 2026
Germany lifts Uniper's dividend ban, facilitating IPO plans and attracting investor interest. Berlin aims to reduce its stake in the energy firm.
FRANKFURT/BERLIN, Dec 19 (Reuters) - Germany on Friday passed a law that will enable Uniper to resume dividend payments, removing one of the main hurdles to Berlin's plan to re-list the utility that was bailed out during Europe's energy crisis.
The government rescued Germany's largest gas importer at a cost of 13.5 billion euros ($15.8 billion) in 2022, when the company came close to collapse after its main supplier, Russia's Gazprom, stopped deliveries.
One of the conditions of the bailout was a ban on paying dividends, which has become a problem as Berlin weighs options for its 99.12% stake in Uniper, either by selling shares in a fresh IPO or to a strategic investor.
A law to change Germany's energy security law and remove the ban passed the Bundesrat, the country's upper house, on Friday, a spokesperson said, having been approved by parliament already on November 13.
"Under certain conditions, the dividend ban can significantly impede the termination of stabilisation measures for listed companies or companies seeking a listing," the government said in its reasoning for the move.
"The amendment to the law aims to avoid this impediment by creating a narrowly defined exception."
Berlin's stake in Uniper, currently valued at 13.8 billion euros ($16.18 billion), has also drawn interest from a number of investors, including Brookfield and Czech billionaire Daniel Kretinsky, sources previously said.
"The fundamental ability to pay dividends is a key component of Uniper's equity story. It creates a basis for the federal government to successfully sell its Uniper shares in the future," Uniper said in a statement.
Uniper supplied around a quarter of the gas used in Germany last year and is its largest gas storage operator. It also operates nearly a quarter of Germany's systemically relevant power capacity, which must be kept on reserve to ensure supply.
That means any deal involving Uniper as critical infrastructure will face comprehensive regulatory scrutiny, sources previously said.
Under EU requirements, Berlin must cut its stake to at least 25% plus one share by 2028.
($1 = 0.8529 euros)
(Reporting by Christoph Steitz and Holger Hansen; Editing by Kirsten Donovan)
A dividend is a payment made by a corporation to its shareholders, usually in the form of cash or additional shares, representing a portion of the company's profits.
An IPO, or Initial Public Offering, is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.
Energy security refers to the uninterrupted availability of energy sources at an affordable price, ensuring that a country can meet its energy needs without significant disruptions.
A strategic investor is an individual or organization that invests in a company with the aim of gaining a competitive advantage, often seeking synergies beyond just financial returns.
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