Germany confirmed struggling gas importer Uniper's nationalization, adding another $7.9 billion to its rescue as Berlin scrambles to secure power for Europe's largest economy
But as with other European energy companies hit by soaring gas prices, it became clear the bailout was not enough to cover Uniper's deepening losses. Germany will now inject yet more cash, partly by buying out Finnish utility Fortum'sFortum shares ended the day up 9.5% on the news, with analysts at Bernstein saying the deal "allays investor fears and provides a clean break" for the Finnish group.
Berlin has said it would review an application earlier this month by VNG which asked the government for aid to stay afloat. Fortum said that under the deal it will be paid back a 4 billion euro parent company loan and released from a 4 billion euro parent guarantee it had given Uniper earlier this year.
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