Uniper schedules general meeting in wake of financial trouble

German energy group Uniper, which is facing nationalisation, has scheduled an extraordinary general meeting after facing a massive drop in capital earlier this year.

The meeting will be held virtually on 19 December, the group announced in Düsseldorf on Friday.

At the end of October, Uniper reported the loss of more than half of its share capital. Under stock corporation law, this entails the obligation to convene an extraordinary general meeting.

The management wants to inform about the loss and explain the situation of the company.

The Düsseldorf-based company had run into difficulties after Russia's gas-supply stop earlier this year.

The gas wholesaler had focused strongly on supplies from Russia and is a supplier for more than 100 municipal utilities and large companies. It thus plays a central role in the supply of natural gas in Germany.

Because of the liquidity problems, the group and its previous majority shareholder Fortum from Finland had agreed with the German government in September on nationalisation of the company.

The agreement between Uniper and the German government on the stabilisation package is in its final phase.