German economy ministry receptive to the concept of a merger between SEFE and Uniper.

Germany's economy ministry, responsible for the former Gazprom unit SEFE, is considering merging all or part of the business with the financially supported Uniper, according to two sources. This consideration arises as the German government, having rescued both firms for a total of 19.8 billion euros ($23.4 billion) during the energy crisis, explores exit strategies.

While the economy ministry supports a potential merger, the finance ministry—associated with Berlin's 99.12% stake in Uniper—holds a more cautious view, according to one source. A decision could be made in the coming weeks.

The EU has urged Berlin to reduce its ownership in both entities to a maximum of 25% plus one share by 2028, with options including separate listings and divestitures.

One proposal being discussed involves creating a German gas conglomerate by merging the gas procurement, trading, and storage operations of both companies, according to two sources.

The finance ministry and Uniper have declined to comment, and the economy ministry was unavailable for immediate remarks.

SEFE controls 4,200 kilometers (2,610 miles), or 10%, of Germany's gas network, while Uniper is the leading gas importer in the country. Each company manages about a quarter of Germany's gas storage capacity and substantial commodity trading activities.

SEFE has engaged advisors for the reprivatisation process, with these appointments made independently of the various options. Both SEFE and Uniper were nationalized in 2022 to ensure supply security following Russia's invasion of Ukraine. Manager Magazin previously reported the economy ministry's support for a potential Uniper-SEFE merger.