Nordic Assets Spark Bidding War as Uniper Workers Demand IPO Over Private Sale
04.06.2026 - 08:05:23 | boerse-global.de
The future of German energy giant Uniper is turning into a tug-of-war between its workforce and the federal government, with employee representatives warning that a direct sale to a strategic investor would amount to an act of aggression against the company's 10,000-plus staff.
Martin Geilhorn, chairman of Uniper’s group works council, said on Wednesday that an off-market transaction would threaten both jobs and Germany's energy security. He drew a direct parallel to the 2024 acquisition of Commerzbank shares by Italy’s UniCredit, calling that a cautionary tale for what could happen if Uniper falls into the wrong hands. “A strategic buyer could carve up the company,” Geilhorn warned.
The confrontation is the latest twist in a saga that began with Germany’s nationalisation of Uniper in 2022, during the energy crisis sparked by Russia’s war on Ukraine. The state still holds a commanding 74.12 percent stake, but European Union competition rules force Berlin to reduce that to a blocking minority of 25 percent plus one share by 2028 or 2029.
That deadline has pushed the government into a so-called “two-track process” — either an initial public offering or a direct sale to private investors. Investment banks JP Morgan and UBS are advising on the proceedings, with potential bidders required to submit letters of intent by June 12.
Several international heavyweights have already signalled interest:
- Equinor (Norway)
- Vattenfall (Sweden)
- Taqa (Abu Dhabi)
- CPPIB (Canada)
- EPH Group, the vehicle of Czech investor Daniel K?etĂnskĂ˝
- Brookfield and TotalEnergies
The hottest prize is Uniper’s Scandinavian asset portfolio. Both Vattenfall and Finland’s Fortum have declared their interest in the company’s Swedish nuclear and hydroelectric plants. For Sweden’s state-owned Vattenfall, buying back assets it once owned would offer a rare chance to reconsolidate Nordic power generation.
Uniper’s overall valuation is estimated at more than €10 billion, with analysts putting the range at €8.8 billion to €11.4 billion — plus roughly €4.4 billion in net cash holdings. A final decision on the sale method is expected in autumn 2026, with industry watchers predicting a clear direction by November. Indicative bids are due in a second round after the initial expressions of interest.
Berlin intends to retain a strategic minority stake even after reducing its holding, framing the decision around national supply security. The stock market, meanwhile, has given a lukewarm response: Uniper shares fell 3.5 percent on Tuesday to €47.15, and slipped further to €46.25 on Wednesday.
