Germany will buy up to €4 billion in shares from RWE and E.ON in the uranium enrichment company Urenco, German media outlets have reported. The decision comes after Britain requested the transfer to maintain European ownership of the stake, particularly as Urenco expands its role in supplying fuel for Britain’s military reactors, including those used in nuclear submarines.
The budget allocation for this purchase was included in the Bundestag’s final review of the 2027 draft budget, though political sources confirmed the funds were earmarked for this purpose. Neither the finance nor economy ministries provided official confirmation of the intended use. Handelsblatt, quoting government sources, stated that London had urged Berlin to take over the shares to prevent a sale to an outside buyer, highlighting the company’s role in modernizing Britain’s nuclear defense capabilities.
Urenco is co-owned by the governments of Britain, the Netherlands, and Germany, with the latter holding its portion through RWE and E.ON. The company manages enrichment facilities in Gronau, Germany; Almelo, Netherlands; Capenhurst, England; and Eunice, New Mexico. The Gronau plant, Germany’s sole uranium enrichment site, was excluded from the country’s nuclear phase-out and operates under an indefinite license.
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Germany has stated that Britain’s plans to use Urenco for defense-related reactor fuel align with the 1970 Treaty of Almelo, which limits the company’s activities to non-military purposes. However, the strategic importance of the stake has declined for RWE and E.ON since Germany’s decision to abandon nuclear power. RWE has signaled its intention to divest its share, while E.ON CEO Leonhard Birnbaum has indicated any sale would require government approval.
Previous attempts to sell the stake proved difficult. In 2016, Rosatom from Russia and Areva from France showed interest, but the deal collapsed due to treaty obligations requiring Berlin’s consultation. Neither the government nor the companies commented on the latest developments. On Friday, E.ON shares climbed 1.5%, the largest gain among DAX stocks, while RWE rose by 0.3%.
