By Eva Brendel | Updated on Oct 07, 2026 at 10:07 AM
RWE AG has played down the prospect of taking a major role in state-owned Uniper SE, after the utility teamed up with private equity firm KKR & Co. to make a non-binding bid for the German company.
Any involvement in Uniper would be “very, very limited and small,” RWE’s Chief Executive Officer Markus Krebber said in an interview with Bloomberg on Wednesday, citing the company’s already significant position in the German energy market.
“Given our market position already today, a takeover of Uniper by RWE - it’s not possible, it’s not what we strive for,” Krebber said.
The joint bid surprised investors and marked a shift for RWE after management had previously ruled out an interest in Uniper. The two companies are among Germany’s largest energy firms, making the potential combination particularly sensitive given their positions in the country’s power and gas markets and infrastructure.
Berlin is exploring options for reducing the stake it acquired when it bailed out Uniper during Europe’s 2022 energy crisis. Uniper is a major gas importer and power plant operator, giving the government a strategic interest in who ultimately controls the company.
The finance ministry, which oversees Uniper, would prefer to keep its gas-trading and power-generation businesses together and aims to retain a stake of about 25% following any sale, Bloomberg reported in August.
The KKR-RWE offer was among several submitted for Uniper. Other bidders include Norway’s Equinor ASA and a consortium of Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board, Bloomberg News reported. Czech billionaire Daniel Kretinsky’s EPH also submitted a bid, according to German media.
Uniper’s works council has firmly opposed a sale, arguing that an initial public offering — which remains an option for the German government — would better preserve the company’s independence.
Read More: KKR and RWE Said to Jointly Bid for German State-Owned Uniper