The German government is working on a rescue package for near-insolvent utility Uniper that could include the state taking an up to 30% stake as part of a capital increase, as well as further loans from development bank KfW, according to local media reports.

Talks about a rescue involving several billions of euros had reached highest government levels last week, after both the Finnish government and Fortum – which owns 78% of Uniper and itself is 51%-owned by the Finnish state – said Berlin held the “keys to resolve this situation” as the Nordic nation tries to avoid throwing more taxpayer money at the German business.