RWE and KKR submit non-binding offer for Uniper SE

RWE and the private equity firm KKR have submitted a non-binding offer for the German state-owned energy company Uniper SE. This joint bid represents a potential partnership between a major energy player and a private investor, which may be viewed favorably by the German government to mitigate concerns regarding market concentration.

The sale process was mandated by the European Commission as a condition for Uniper’s bailout during the energy crisis, requiring Germany to reduce its state ownership by the end of 2028. The German government is offering up to 74.12% of shares while intending to retain a blocking minority of at least 25% plus one share.

Other potential bidders have reportedly submitted non-binding expressions of interest, including the Czech energy group EPH, Norway’s Equinor, and a consortium consisting of Brookfield Asset Management and the Canada Pension Plan Investment Board. Approximately ten entities have shown interest in the transaction so far.