LONDON: Apollo Global Management has submitted a non-binding offer for Uniper, the German state-owned energy firm, joining a crowded field of suitors bidding for one of Germany’s largest utilities, Reuters reported.

Potential bidders had until September 21 to submit indicative offers for Uniper, which the German government took over in 2022 under a 13.5 billion euro ($15.1 billion) bailout.

Berlin has received about 3.5 billion euros from Uniper since the bailout, including state aid repayments and dividends.

A planned sale of Uniper, Germany’s leading natural gas importer, could value the company at around 10 billion euros and become one of Europe’s biggest utility deals this year, Reuters previously reported.

Apollo and Uniper declined Reuters’ requests for comment.

Energy supply has become an issue of geopolitical and strategic importance for nations around the world, underscored by disruptions linked to the Iran war and recent attempts to sabotage power grids. Given Uniper’s importance to Germany’s security of supply, the question of its future ownership has drawn close scrutiny.

Germany’s finance ministry, which oversees Berlin’s 99.12% stake in the company and is being advised by UBS and JPMorgan, is seeking to sell up to 74.12% of the energy firm to meet European Union requirements to cut its stake to a blocking minority by 2028.

Czech energy firm EPH, controlled by billionaire Daniel Kretinsky, as well as a consortium of investment firm Brookfield and Canada’s CPPIB have submitted indicative bids, Reuters previously reported.

Norway’s Equinor and a consortium consisting of KKR and rival German utility RWE have also submitted bids, one of the two people said.

KKR, RWE and Equinor all declined to comment.

Suitors are expected to be informed in the coming weeks whether they can proceed to the next round, a third person involved in the talks said.

The people spoke on condition of anonymity because they were not authorized to speak publicly.

Uniper is being sold through a dual-track process, with an initial public offering also being explored by the government — a scenario favored by the company’s unions, which fear a possible breakup under new ownership.