Mitsubishi and Chubu buy Dutch Eneco for € 4.1 billion

The Royal Dutch Shell oil company and the KKR investment fund had submitted their offers. However, Mitsubishi has kept 80% and Chubu has the remaining 20%

The Japanese emporium Mitsubishi Corporation and the Japanese power company Chubu Electric Power have bought through a consortium the Dutch energy company Eneco for 4,100 million euros, as announced by the firms on Monday in a joint statement.

The Japanese consortium, of which Mitsubishi holds 80% and Chubu the remaining 20%, has presented the best offer for shareholders and other stakeholders, including employees, as Eneco said. The Royal Dutch Shell oil company and the KKR investment fund had also submitted offers to acquire Eneco.

“Mitsubishi Corporation and Chubu are shareholders with a long-term horizon and fully support the strengthening of Eneco’s sustainable strategy,” said the Dutch firm.

After the formalization of the purchase, Eneco will be the arm through which all the energy-related activities of Mitsubishi Corporation and Chubu will be carried out. In this way, the Japanese conglomerate will transfer part of its offshore wind power assets to Eneco, with a capacity of up to 400 megawatts (MW).

“Eneco fits perfectly into our current energy activities and provides us with a platform to continue growing in the European market, where we intend to hold a leading position in energy transition,” said Mitsubishi CEO Takehiko Kakiuchi.

The final decision for the sale of energy corresponds to 44 Dutch municipalities – which are the shareholders of Eneco – although 95% of them have already expressed their intention to sell their shares. The transaction will be final if, at least, the shareholders representing 75% of Eneco’s share capital decide to sell their securities.

Source: dpa

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