The German government has dropped the idea of merging the assets of SEFE (Gazprom Germany, a former Gazprom subsidiary) with Uniper for joint privatization, according to the Süddeutsche Zeitung newspaper.
The idea, called “Project Uno“, was rejected by Finance Minister Lars Klingbeil and Economics Minister Katerina Reiche. The reason for this was a legal opinion. It showed that the European Commission could require the sale of part of the merged company's business, which would render any benefits from the merger meaningless. The lawyers also noted that SEFE’s balance sheet is burdened with “significant risks” that could pose a threat to the potential merged company.
The German government today announced the start of the privatization of Uniper, the largest gas importer and operator of gas storage facilities. In April, SEFE CEO Egbert Legge told the Financial Times that the company’s management was also preparing to launch a privatization. Both companies were taken over by the state amid the 2022 energy crisis.