Energy firm Sefe returns government financial assistance
Title: Sefe and Uniper Pay Back the State: Breakdown of the German Energy Giants' Repayment Progress
Alright, here's the lowdown on how things are shaping up for Sefe and Uniper, the state-owned energy titans that received bailouts during the 2022 energy crisis.
Let's give a shout-out to Sefe, the former Gazprom Germania. This baby recently forkled over another 450 million euros to the government, bringing the total refunded amount to a whopping 700 million euros.
But, hey, saving Sefe from bankruptcy wasn't just a cry for help. The European Union gave its seal of approval for the company's recapitalization to the tune of €6.3 billion, under the condition that the state must relinquish its stake to a maximum of 25 percent plus one share by 2028. You know, to keep things fair and square.
Uniper, the state-owned competitor, joined the party too. They announced in March they'd handed back a cool 2.6 billion euros in the first quarter. Can you imagine that? The federal government pulled together a life-saving package for Uniper, totaling an astounding 13.5 billion euros.
If you're curious about what's happening elsewhere, oil giants like Shell, TotalEnergies, and Chevron are also making moves. Shell managed to beat earnings expectations and is even buying back shares, TotalEnergies is keeping the faith with their dividends despite a drop in profits, and Chevron's slowing down on share buybacks. Check out the Premium Articles section for a more in-depth look.
As for Sefe and Uniper, keep an eye on these energy elephants. They're taking steps to keep their heads above water and stay competitive within the intricate web of EU regulations.
- Gazprom, the previous owner of Sefe, has been involved in a significant financial transaction, with Sefe repaying billions to the German government, totaling 700 million euros so far.
- Düsseldorf-based Uniper, another German energy giant, has also returned billions to the government, having handed over 2.6 billion euros in the first quarter alone.
- Despite the repayment, Sefe and Uniper, both major players in the European energy sector, continue to navigate through the complex web of EU regulations, seeking to remain competitive and financially stable.
