By Christoph Steitz
作者：克里斯托夫·斯泰茨
Frankfurt, July 3 (Reuters) - Berlin Will Have to Accept a Significant Discount in a Planned Sale of Shares in Bailed-Out Uniper UN0K.de, Two People Familiar With the Matter Said, Adding That the Group's Current Market Valuation Was No Reliable Indicator.
法蘭克福7月3日電（路透社）— 柏林將不得不接受計劃出售被救助的Uniper股份的重大折扣 un0k.de，兩位知情人士說，並補充說，該集團當前的市場估值不是可靠的指標。
A Sale of Government Holdings in the Utility Could Become One of Germany's Biggest Deals Next Year and Rake in Badly Needed Funds for the Country's Three-Way Coalition.
出售政府持有的公用事業公司可能成爲明年德國最大的交易之一，併爲該國的三方聯盟籌集急需的資金。
Following Years of Heavy Spending in Response to the Covid and Energy Crises, Germany's Budget Suffered a Further Setback Last Year When the Country's Constitutional Court Blocked the Re-Purposing of Funds, Causing Frictions Within the Coalition.
在爲應對Covid和能源危機進行了多年的巨額支出之後，德國的預算在去年遭受了進一步的挫折，當時該國憲法法院阻止了資金的再利用，在聯盟內部造成了摩擦。
Berlin Is Preparing the Sale of Around 20-30% in Uniper, Likely in Spring 2025, to Pare Back Its Holding Acquired as Part of the Company's Nationalisation in the Wake of Europe's Energy Crisis, the People Said.
人們說，柏林正準備出售Uniper約20-30％的股份，可能在2025年春季，以削減其在歐洲能源危機後作爲公司國有化的一部分而收購的股份。
Uniper and the Finance Ministry, Which Oversees the German Government's Stake in Uniper, Both Declined to Comment.
Uniper和負責監督德國政府在Uniper股份的財政部均拒絕置評。
Uniper's Current Share Price of Around 45 Euros Values the Government's 99.12% Stake at 18.5 Billion Euros ($19.9 Billion), but That Valuation Is Inflated by Its Tiny Free Float of 0.88%, Which Means the Group's Stock Is Barely Traded, the Sources Said.
消息人士稱，Uniper目前的股價約爲45歐元，使政府99.12％的股份達到185億歐元（合199億美元），但該估值因其0.88％的微小自由流通量而被誇大，這意味着該集團的股票幾乎沒有交易。
An Additional Reason for the Inflated Share Price Could Be Minority Shareholders Who Held Out for a Squeeze-Out When the Government Stepped in Around Two Years Ago, They Said, Adding Citi C.n Had Been Hired as Part of the Sales Process.
他們補充說，股價上漲的另一個原因可能是少數股東在大約兩年前政府介入時堅持擠出股票 C.n 已作爲銷售流程的一部分被聘用。
To Successfully Place a Minority Stake With Investors, the Government May Have to Value Uniper at 10 Billion Euros or Less, One of the People Said, Which Would Represent a 46% Discount to Current Levels.
其中一位人士說，爲了成功向投資者授予少數股權，政府可能必須將Uniper的估值定爲100億歐元或以下，這將比目前的水平折扣46％。
In Total, the German Government Pumped 13.5 Billion Euros Into Uniper to Save What Was Then Germany's Biggest Importer of Russian Gas From Collapse, Making It One of the Country's Biggest Ever Bailouts.
德國政府總共向Uniper注資135億歐元，以使當時德國最大的俄羅斯天然氣進口國免於倒閉，使其成爲該國有史以來最大的救助計劃之一。
Berlin May Be Willing to Accept a Steep Discount in a First Sale, Hoping to Fetch Higher Prices in Subsequent Stake Disposals and Also Relying on Uniper Restarting Dividend Payements at Some Stage, the Sources Said.
消息人士稱，柏林可能願意在首次出售時接受大幅折扣，希望在隨後的股份處置中獲得更高的價格，同時也依賴Uniper在某個階段重啓股息支付。
Under European Union Rules, the German Government Must Reduce Its Holding in Uniper to at Least 25% by the End of 2028.
根據歐盟的規定，德國政府必須在2028年底之前將其在Uniper的持股量減少到至少25％。
Uniper Shares Are Already Down More Than a Quarter so Far This Year, in What Sources Said Reflects Anticipation of the Share Sale and Subsequent Value Adjustments.
今年迄今爲止，Uniper的股價已經下跌了四分之一以上，消息人士稱，這反映了對股票出售和後續價值調整的預期。
Uniper Chief Executive Michael Lewis, Too, in February Acknowledged That Not Enough Uniper Shares Were Traded and the Government Had to Sell More to Arrive at a Clearer Valuation.
Uniper首席執行官邁克爾·劉易斯也在二月份 已確認 交易的Uniper股票還不夠，政府不得不出售更多股票才能得出更明確的估值。
Details on the Planned Stake Sale and the Timing Are Not Final and Still Subject to Change, the People Said. Bringing in a New Anchor Shareholder Remained an Option IF Markets for Listings Continue to Be Subdued, the Said.
知情人士說，計劃中的股份出售和時間安排的細節尚未確定，仍可能發生變化。他說，如果上市市場繼續受到抑制，引進新的主要股東仍然是一種選擇。
($1 = 0.9294 Euros)
($1 = 0.9294 歐元)
(Reporting by Christoph Steitz
Editing by Tomasz Janowski)
（克里斯托夫·斯泰茨報道
由 Tomasz Janowski 編輯）
((Christoph.steitz@Thomsonreuters.com; +49 30 220 133 647))
((Christoph.steitz@Thomsonreuters.com; +49 30 220 133 647))