Germany may reportedly change law to save Uniper (OTCMKTS:UNPPY)

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Uniper (OTC: UNPPY) (OTC: UNPRF) shares tumbled 28% in Germany on Monday after reports the company was in talks with the government to a potential rescue package of as much as 9 billion euros (~$9.4 billion) to help companies face the cost of a spike in natural gas import prices.

The government is considering a range of measures, including loans, equity acquisitions and passing on some of rising gas prices to customers.

A possible bailout of Uniper, Europe’s biggest importer of Russian gas, could be modeled on a pandemic bailout for airline Lufthansa, which was saved from bankruptcy during the coronavirus pandemic with a €9 billion bailout.

Shares in the Finnish Fortum (OTCPK: FOJCF) (OTCPK: FOJCY), the parent company of Uniper, fell nearly 10% in Helsinki.

Uniper also said that regional authorities in Germany have given the green light for construction of a liquefied natural gas terminal on the coast of the North Sea, capable of processing up to 7.5 billion cm3 of natural gas per year.

The company previously said it was receives only 40% of the contracted gas it ordered from Russia’s Gazprom.

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