Mitsubishi to acquire Dutch energy firm Eneco for €4.1bn

Dutch energy firm Eneco, which is owned by 44 of the country's municipalities, has agreed to be acquired by a consortium headed up Japan's Mitsubishi Corp which beat off rival bids from Shell and KKR. The deal has been valued at €4.1-billion.

Eneco has a strong focus on renewable energy and said that it had been swayed towards the Japanese firm's plans to allow the company to continue its own strategy and retain its own separate corporate identity.

Eneco said Mitsubishi’s group had “made the best offer for shareholders and all other stakeholders of Eneco, including employees.”

The terms of the deal state that 80% of Eneco will be owned by Mitsubishi and 20% will be owned by its partner Chubu.

In a statement, Mitsubishi Chief Executive Takehiko Kakiuchi said: “Eneco fits perfectly with our current energy activities and offers us a platform from which to grow further in the European market."

The deal has been backed by Eneco's boards but still needs to be approved by its municipal stakeholders next year.

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