Labor leaders at Uniper, the German energy company owned by the federal government, are urging an initial public offering (IPO) instead of a sale to a strategic investor. Martin Geilhorn, head of the works council, told Reuters that an IPO would preserve Uniper as a whole, while a private buyer could fragment the group, eliminate positions and shutter facilities.
Dual‑track divestment plan gains momentum
Berlin, which holds 99.12% of Uniper, has announced plans to sell up to 74.12% of the utility, retaining a 25% plus one‑share blocking stake. The government’s dual‑track approach allows for either a private‑sector sale or a public market listing.
Sources familiar with the process say early investor meetings to gauge appetite for an IPO have gone well. Geilhorn said roadshows over recent weeks have shown interest from investors in buying Uniper shares.
Strategic bids under review
Among the parties that have submitted indicative bids is EPH, the Czech energy group owned by billionaire Daniel Křetínský. EPH, which already controls German utility LEAG, declined to comment on its interest in Uniper.
Canada’s Canada Pension Plan Investment Board (CPPIB) and Brookfield have also submitted a joint indicative bid, though both firms declined to comment.
Workers’ concerns
Uniper’s supervisory board is half‑filled by worker representatives, giving labor a strong voice in the company’s future. The council fears that a strategic buyer could break up the utility, leading to job losses and site closures, which would harm both employees and the broader German energy market.
“Only an initial public offering would preserve Uniper as a whole,” Geilhorn said, emphasizing the importance of keeping the utility intact for energy security and employment stability.
Potential valuation
Analysts estimate Uniper could be valued at around €10 billion, making the transaction one of Europe’s largest utility deals this year. The outcome of the dual‑track process will shape the future of a systemically important energy provider.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
