EU clears Germany’s deliberate takeover of fuel large Uniper By Reuters

© Reuters. FILE PHOTO: Brand of Uniper is pictured on the firm’s headquarters in Duesseldorf, Germany, September 21, 2022. REUTERS/Wolfgang Rattay

BRUSSELS/FRANKFURT (Reuters) -The European Fee accredited the acquisition of struggling fuel dealer Uniper SE (OTC:) by the German authorities, it mentioned on Friday, paving the way in which for the nationalisation of the agency which almost collapsed after Russia stopped supplying fuel.

The acquisition was accredited below the EU merger regulation after the Fee concluded that the proposed acquisition would elevate no competitors considerations. The Fee additionally nonetheless must approve Uniper’s bailout below state help guidelines.

“The transaction was prompted by the continued European power disaster, specifically the cessation of Russian fuel deliveries and the sharp rise in fuel costs, which resulted in Uniper, Germany’s largest importer of Russian fuel, requiring vital capital injections to forestall its insolvency,” the Fee mentioned.

Merger clearance comes simply days earlier than a deliberate extraordinary shareholder assembly on Dec. 19 at which Uniper’s buyers are to approve of the bailout, which has to this point value greater than 51 billion euros ($54 billion).

($1 = 0.9405 euros)

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