Germany nationalizes gas supplier Uniper after EU approval

BERLIN (AP) — The German government says it has nationalized energy company Uniper after the European Union gave its blessing for it to rescue the gas supplier. The government announced its plan to nationalize Uniper in September, expanding state intervention in the energy sector to prevent a shortage resulting from Russia’s war in Ukraine. The deal built on an initial rescue package agreed in July and features a capital increase of 8 billion euros ($8.5 billion) that Germany is financing. Uniper’s existing shareholders approved the measures on Monday. The EU’s executive Commission gave its conditional approval on Tuesday. The government is obliged to reduce its stake to 25% plus one share by 2028.