Berlin agrees bail out for Uniper, will take 30 per cent stake

Officials in Berlin agreed a bail out for Uniper that will see the German state take out a 30% stake troubled energy outfit.

Uniper was hit in June by Gazprom's decision to slash natural gas supplies to the euro area's largest economy, forcing the company to purchase gas on the open market - at much higher prices.

Markus Rauramo, the chief executive officer of Fortum, Uniper's majority shareholder, said: "We are living through an unprecedented energy crisis that requires robust measures. After intensive but constructive negotiations, we found a solution that in an acceptable way met the interest of all parties involved.

"We were driven by urgency and the need to protect Europe’s security of supply in a time of war."

As of 1239 BST, shares of Fortum were falling 3.47% to €11.97 and those of Uniper were plummeting by 20.15% to ~€8.40.