Uniper CEO: EU accepts that Russian units cannot be sold by Uniper
Uniper CEO: The European Union has accepted that Uniper is unable to meet a condition of the bailout package worth?13.5 billion euros ($16.2 billion), because it cannot sell its Russian subsidiary. This subsidiary, now controlled by Moscow, belongs to Uniper.
Berlin had to rescue Uniper in 2022 due to the energy crisis in Europe. Brussels also set up a list of conditions for the bailout. These included the sale of ten assets by the end of 2026. Nine of these have already been sold or divested.
Unipro in Russia, where Uniper owns 83.7% of the shares, valued at 106.5 billion Rubbles ($1.4 billion), is still on the list, but it has been placed under administration by Moscow. This effectively strips its owner of any control.
Michael Lewis, the CEO of the group, said at the Handelsblatt Energy Summit that "Buckingham understands we don't control it and we cannot sell it."
The EU Commission didn't immediately respond to an inquiry for comment.
Lewis said that any future proceeds from a Unipro sale would be a positive, since the company had been written off. He added that he expects the division to stay under Russian control.
Lewis said that the company is ready to do both.
Lewis said that there are no plans to sell its Swedish nuclear and Hydroelectric business. Finland's Fortum would have a first-in-line offer if Uniper sold it before the end of 2026.
It delivers solid cashflow, solid earnings and that is exactly what we are looking for.
(source: Reuters)
