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Mitsubishi and Chubu acquire Dutch energy group Eneco for €4.1bn

The shareholder's committee of the Dutch energy group Eneco has reached an agreement with a consortium of Japanese companies - Mitsubishi and Chubu Electric - to sell their stakes in the energy company for a total consideration of €4.1bn (US$4.5bn). Under the terms of the agreement, Mitsubishi will acquire 80% of Eneco and Chubu the remaining 20%. The shareholder's committee consists of the municipalities of Rotterdam, The Hague, Dordrecht, Lansingerland, Capelle aan den IJssel, Molenlanden, Heemstede and Achtkarspelen. The other 36 municipalities owning stakes in the company are expected to approve the transaction in 2020.

Eneco entered a privatisation process in December 2018. Currently owned by 44 municipalities, the company will be brought to the market via a controlled auction, subject to shareholder approval. Eneco shareholders received two other bids from the private equity company KKR, and from Shell and the Dutch pension fund manager PGGM.

Eneco is one of the largest energy companies in the Netherlands. At the end of June 2019, it operated 3.5 GW of power capacity, including 1.7 GW of on-shore wind, 427 MW of off-shore wind and 522 MW of thermal power, mainly in Netherlands, with footprint in Beligum and the UK. At the end of 2018, the company supplied power to 2.4 million customers and gas to 2 million customers. Eneco is also taking part to renewable projects and bets on its partnership with Mitsubishi and Chubu Electric to expand in renewable energies internationally. Mitsubishi plans to transfer part of its offshore wind activities (more than 400 MW) in Europe to Eneco.

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