Uniper: Finland demands eight billion euros from Germany in the event of nationalization

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Finnish Minister for European Affairs Tytti Tuppurainen: "We will stick to the fact that the money stays with us"

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Stephanie Lecocq/EPA-EFE/REX

In the event of nationalization of the reeling energy giant Uniper, Finland will demand compensation of eight billion euros from the federal government.

"It is absolutely clear that Finland will not allow Germany to nationalize Uniper without compensation," Tytti Tuppurainen, Minister for European Affairs and Property Governance, told the Finnish Parliament.

"We will maintain that the money that Fortum made available to Uniper remains with us as an open claim."

Uniper is a subsidiary of the semi-public Finnish energy utility Fortum.

The amount mentioned by Tuppurainen corresponds to a shareholder loan and guarantee that Fortum made to Uniper earlier this year.

Uniper had declared in a mandatory announcement on Wednesday that, due to the increased uncertainties in the operating environment, it was examining, among other things, "a direct capital increase that would lead to a significant majority stake by the federal government in Uniper".

The Düsseldorf group has been hit hard by Russia's gas supply cuts.

In order to fulfill its contracts, Uniper has to buy gas on the expensive spot market - and is making billions in losses.

A few weeks ago, the federal government put together a rescue package worth 19 billion euros.

This also contained a possible participation of the state in the amount of 30 percent.

So far, Fortum has held a good three quarters of the Uniper shares.

Sol/Reuters