Business / Corporate

Mitsubishi, Chubu Electric to take over Dutch energy giant Eneco

AP, JIJI

Dutch energy company Eneco Holding NV says it has agreed to a proposed €4.1 billion (¥492 billion) takeover by Mitsubishi Corp. and Chubu Electric Power Co.

Eneco said in a statement Monday that Mitsubishi will fund 80 percent of the deal and Chubu Electric the remaining 20 percent.

The company, which is currently owned by a group of 44 Dutch municipalities, said Mitsubishi and Chubu Electric support strengthening Eneco’s sustainable energy strategy and will allow it to further expand internationally.

Mitsubishi CEO Takehiko Kakiuchi said Eneco “fits in perfectly with our current energy activities and provides us with a platform to further grow in the European market in which we intend to have a leading position in the energy transition.”

Eneco, based in Rotterdam, has 6 million sales contracts, chiefly for power generated by windmills, in the Netherlands, Belgium and Germany.

The two Japanese companies also aim to capitalize on Eneco’s advanced know-how in renewable energy operations for their business expansions in Japan.