Germany nationalizes country’s biggest gas importer Uniper

By FRANK JORDANS
Associated Press

BERLIN (AP) — The German government said Wednesday that it has agreed to nationalize the country’s biggest gas importing company, Uniper, expanding state intervention in the industry to prevent an energy shortgage resulting from Russia’s war in Ukraine. The deal with Uniper builds on a rescue package agreed in July and features a capital increase of 8 billion euros (dollars) that the government will finance. As part of the agreement, the government will take a majority stake in Uniper, which until now was controlled by Finland-based Fortum. The Finnish government has the largest stake in Fortum. Uniper’s losses have mounted as Russia has cut back natural gas supplies to European countries supporting Ukraine.