Uniper workers back IPO as Germany advances utility privatisation
As Germany steps up plans to reduce its holding in Uniper, labour representatives are pushing for an initial public offering instead of a sale to a strategic buyer. They argue that a stock market listing would better preserve the state-owned utility's structure, jobs and operating sites as the divestment process gathers pace.
Highlights
- Uniper's works council publicly backs an IPO over a sale to strategic investors, citing fears of job cuts and site closures.
- Indicative bids for Uniper by EPH, CPPIB, and Brookfield are due by September 21, following high investor interest during IPO roadshows.
- Berlin plans to sell up to 74.12% of Uniper, potentially valuing the company at 10 billion euros, while retaining a 25% plus one-share blocking stake.
Privatisation options and bidder interest
As reported by Reuters, Uniper's works council is opposing a sale of the utility to a strategic investor, with works council head Martin Geilhorn saying an IPO is the only option that would keep the group intact.Geilhorn says worker representatives fear a buyer could split up the company, cut jobs and shut sites. He says recent roadshows indicate investor interest in Uniper shares, while two people familiar with the matter say early meetings to test appetite for an IPO have gone well.
Geilhorn adds that a sale to strategic investors such as EPH would be unacceptable. Two people familiar with the matter say EPH, owned by Czech billionaire Daniel Kretinsky, is among parties that submit indicative bids for Uniper by a September 21 deadline, while Canada's CPPIB and Brookfield also submit a joint indicative bid. CPPIB and Brookfield decline to comment.
State stake and market implications
Uniper remains a politically sensitive asset after receiving a 13.5 billion euro bailout during Europe's energy crisis in 2022. The company could be valued at around 10 billion euros in what may become one of Europe's biggest utility transactions this year.Berlin owns 99.12% of Uniper and has announced plans to sell up to 74.12% of the company, while retaining a 25% plus one-share blocking stake in the systemically important utility. That structure leaves the government with continued influence even as it pursues privatisation, and keeps the outcome important for Germany's energy sector and for employment at the group.
Our earlier coverage of Europe’s power sector turning back to coal explained how surging gas prices disrupted generation economics and pushed utilities—especially in Germany—to run coal and lignite more, with limited flexibility after nuclear closures. We noted that this shift could persist beyond winter, highlighting the strategic pressure on systemically important assets as policymakers balance affordability, supply security, and the energy transition.
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