Uniper employees criticize company breakup idea -Rheinische Post

Uniper is Germany's biggest gas trader and was told to sell assets last year in exchange for European Union antitrust approval of a government bailout after Russia cut supplies, making it the biggest corporate bailout in German history. But a discussion paper that Boston Consulting Group wrote for the German government explored a possible breakup of the company, which was creating unease among employees, the Rheinische Post newspaper reported.

A representative for employees at German gas trader Uniper criticized a discussion paper that suggested breaking up the company, a German newspaper reported on Friday. Uniper is Germany's biggest gas trader and was told to sell assets last year in exchange for European Union antitrust approval of a government bailout after Russia cut supplies, making it the biggest corporate bailout in German history.

But a discussion paper that Boston Consulting Group wrote for the German government explored a possible breakup of the company, which was creating unease among employees, the Rheinische Post newspaper reported. "Uniper must be preserved as an entire group, which is the only way we can also secure Germany's energy supply," Harald Seegatz, head of Uniper's workers' council, told the newspaper.

He said employees had taken politicians at their word that Uniper would remain in existence, except for divestments the EU required. A Uniper spokesperson did not immediately respond to Reuters' request for comment but told the Rheinische Post that the BCG paper was merely a "discussion paper" and that "to our knowledge, there is currently no decision...on structural measures".

One of the options discussed in the BCG paper, which Rheinische Post said it had seen, was a "timely and value-maximizing divestment" of its healthy components, in particular Uniper's electricity business. Another option was a merger between Uniper and Sefe, the German gas importer that was previously a division of Gazprom and placed under German trusteeship.

Sefe and BCG did not immediately respond to requests for comment.

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