The German government has announced plans to privatise Uniper, the gas importer it rescued with a €20bn bailout after Russia's 2022 invasion of Ukraine. Berlin intends to reduce its stake from 99 per cent to 25 per cent plus one share, with timing, pricing and structure yet to be decided.

This ends four years of state ownership for a company that was once Europe's top Russian gas importer. The nationalisation became a stark symbol of Germany's pre-war energy dependence. Under EU state aid rules, Berlin must decrease its holding in Uniper to no more than 25 per cent plus one share by the end of 2028.

Uniper's chief Michael Lewis welcomed the move, stating the company is now "more stable, more resilient" and can pay dividends while investing in growth. The privatisation follows Berlin's broader effort to wean itself off Russian energy, a shift that has structurally raised costs for German industry.