Germany’s Uniper Said to Draw Interest From Around 10 Bidders

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(Bloomberg) — Private equity firm KKR & Co., Japan’s Jera Co. and Canadian pension fund Caisse de dépôt et placement du Québec are among the bidders for Germany’s state-owned Uniper SE, taking the list of interested parties to around 10, according to people familiar with the matter.

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The new bidders emerged as part of last Friday’s deadline for prospective buyers to submit expressions of interest. Others included Norway’s Equinor ASA, German energy company RWE AG and Brookfield Asset Management Ltd. in a consortium with Canada Pension Plan Investment Board, the people said.

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Further bids — for all or parts of the company — were handed in by Vattenfall AB and Fortum Oyj, the people said. Czech billionaire Daniel Kretinsky’s EPH and TotalEnergies SE have also previously expressed interest. 

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A sale of the utility — which was nationalized in a multibillion-euro bailout at the height of the 2022 energy shock — would mark a significant step in Berlin’s efforts to unwind crisis-era interventions. It carries particular significance because Uniper remains a cornerstone of Germany’s energy system as one of its largest gas importers and power plant operators.

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KKR, Jera, La Caisse, Equinor, EPH, RWE, Total, Brookfield, CPPIB and Uniper declined to comment.

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A Fortum spokesperson also declined to comment on the process but added that hydro and nuclear power are at the heart of the firm’s strategy, and it’s always interested in discussing opportunities to acquire such assets, including Uniper’s Swedish facilities. 

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A Vattenfall spokesperson said the firm has been following the Uniper sale process for some time and has a natural interest in examining Uniper’s Swedish assets. It’s currently reviewing options, including a possible participation in the process, he added.

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Uniper’s recent history has been a rollercoaster of changing ownership. Before the 2022 bailout put the company in the German government’s hands, Finnish utility Fortum had gained control of Uniper through a contentious takeover.

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Uniper’s works council has firmly opposed a sale, arguing that an IPO, which remains an option for the German government, would better preserve the company’s independence.

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Even after a sale, the German government aims to retain a stake of around 25% in the company.

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Uniper could benefit from Germany’s planned subsidy auctions for new gas-fired power plants. The utility is targeting about 2 gigawatts of capacity, with the economy ministry planning a first auction in September after repeated delays. The timeline may overlap with the government’s sale process, which is independently steered by the finance ministry.

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A finance ministry spokesperson declined to comment, but said the government will ensure Uniper remains viable as a whole in order to safeguard Germany’s energy security. Selling individual business units would not meet the European Union’s sale requirements and is therefore not part of the process.

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—With assistance from Petra Sorge, Francois de Beaupuy and Yusuke Maekawa.

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