The ailing energy company Uniper is nationalized.
The situation for Uniper has worsened significantly, said Federal Minister of Economics Robert Habeck on Wednesday.
The federal government has therefore agreed on a stabilization package in which it will ultimately take over 99 percent of the shares in Germany's largest gas importer.
According to Habeck, the planned gas levy should also remain in place, with which gas customers should share in the losses of the corporations.
It should apply from October and also benefit Uniper.
The state will also do everything necessary to support companies.
This also applies to the gas company VNG, which is also in trouble.
The federal government pays around 480 million euros to Fortum
Habeck is now pulling the ripcord at Uniper.
The federal government is planning a capital increase of EUR 8 billion at a price of EUR 1.70 per share.
He will also take over all of Fortum's shares in Uniper at a price of EUR 1.70 per share, which corresponds to a purchase price of around EUR 480 million.
The federal government is also securing the company's financing until the capital increase is implemented.
Uniper had made a loss of over twelve billion euros in the first half of the year alone.
The group has to procure replacements for the missing deliveries from Russia on the expensive spot market and is thus making billions in losses.
The Uniper share temporarily fell by almost 20 percent on Wednesday.
The federal government had already put together a rescue package in July, but this is no longer sufficient.
"The adjustment of the stabilization package became necessary because Uniper's capital requirements have increased significantly due to the complete cessation of contractually agreed gas deliveries from Russia and the sharp rise in gas prices," explained the Federal Ministry of Economics.
This has exacerbated the plight of the largest German importer of Russian gas.
Another part of the agreement is that after the takeover, the federal government will replace the credit line made available by Fortum, consisting of a shareholder loan of four billion euros and a guarantee line of four billion euros.