EPH seeks to acquire Uniper, employees reportedly preparing resistance

Berlin/Prague, 23 September (CTK correspondent) - Energy and Industrial Holding (EPH), owned by billionaire Daniel Křetínský, has submitted a non-binding offer to acquire energy company Uniper. German website Handelsblatt reported, citing its sources. According to the outlet, the offer concerns the entire group, with EPH as the sole bidder. It also wrote that employee resistance can be expected. EPH spokesman Daniel Častvaj told CTK that the company could not comment on the report at this time.

Uniper faced an existential crisis in 2022 due to the halt in Russian gas supplies to Germany following Russia's invasion of Ukraine. As a result, the company, the German government and its majority shareholder at the time, Finnish company Fortum, agreed in the autumn of that year to nationalise Uniper. The stabilisation package cost the German government €13.5 billion (now CZK 329 billion). The German government holds a 99.12 percent stake in the company.

The deadline for submitting bids, set by the German government and advisers from banks JP Morgan and UBS, expired on Monday. According to Handelsblatt, a number of investors and strategic buyers had signalled interest by then. At the same time, the group is continuing with plans for an initial public offering.

According to Handelsblatt, Křetínský could face difficulties convincing employees if his offer succeeds. The works council representing them indicated at an early stage of the transaction that it would view a sale to a strategic investor as a hostile takeover. Martin Geilhorn, head of the company-wide works council, told Handelsblatt in an interview some time ago that the government would face "vehement resistance" in the event of a sale to a strategic investor.

Uniper is strategically important for Germany and is part of its so-called critical infrastructure. It supplies gas to around 500 industrial companies and 500 municipal utilities.

The German government's rescue of Uniper in 2022 was tied to a promise to the European Union that the government would reduce its stake to 25 percent by 2028. Germany launched the process to sell most of its stake in Uniper in May this year. Some media outlets reported at the time, citing their sources, that EPH could be among the interested parties. Křetínský's companies are already present in the German market. Last year, EP Energy Transition, part of EP Group, took full control of German energy company LEAG.

Uniper group's financial position has improved significantly over the past two years, and the company has proposed resuming dividend payments after a break of several years. Uniper remains a major gas importer and operates storage facilities. It has around 7,200 employees.