Key facts
- Uniper labor representatives oppose a sale to a strategic bidder, favoring an IPO.
- Workers fear a strategic buyer could break up Uniper, cut jobs, and close sites.
- An IPO would preserve Uniper as a whole, according to works council head Martin Geilhorn.
- Initial investor meetings for a potential Uniper IPO have reportedly gone well.
- EPH, owned by Daniel Kretinsky, submitted an indicative bid for Uniper.
- CPPIB and Brookfield submitted a joint indicative bid for Uniper.
Uniper's labor representatives are advocating for an initial public offering (IPO) over a sale to a strategic investor, citing concerns about the potential breakup of the state-owned energy utility. Martin Geilhorn, head of Uniper's works council, stated that an IPO would ensure the company remains intact, while a sale to entities like EPH would be unacceptable. Worker representatives hold significant influence, occupying half the seats on Uniper's supervisory board.
The company, which received a €13.5 billion ($15.4 billion) bailout in 2022, is currently undergoing a dual-track divestment process. Both a sale and an IPO are being considered by the German government, which owns 99.12% of Uniper and plans to sell up to 74.12%, retaining a blocking stake.
Sources familiar with the matter indicated that initial roadshows for a potential IPO have been positive, suggesting investor interest. Meanwhile, EPH, owned by Czech billionaire Daniel Kretinsky and already a significant player in the German energy market, has submitted an indicative bid. Canada's CPPIB and Brookfield have also submitted a joint indicative bid. Uniper could be valued at around €10 billion in what is anticipated to be one of Europe's largest utility deals this year.