Mitsubishi beats Shell to Eneco acquisition

Eneco will become the European centre for all energy-related activities of Mitsubishi Corporation, which plans to transfer part of its offshore wind activity to Eneco. Through Mitsubishi Corporation, Eneco hopes to obtain access to new offshore wind markets in the US and Japan.

Ruud Sondag will resign as chief executive at Eneco on completion of the transaction but will remain as a senior adviser. He will be succeeded by a Dutch chief executive. Eneco chief customer officer Hans Peters and a representative of Mitsubishi Corporation will join the board of management.

In a statement, Eneco said the consortium made the best offer for the shareholders and all other stakeholders in the utility.

Mitsubishi Corporation chief executive Takehiko Kakiuchi said, “We are impressed by Eneco’s achievements and its market position and intend to build on that position.

“We have been working with Eneco since 2012 in a long-term strategic partnership and have a proven track record of successful collaboration on various renewable energy projects.

“We share the same long-term vision and have a good cultural fit. We firmly believe that Eneco is well-placed to continue to play a leading role in the energy transition.”

A number of parties are believed to have submitted a binding offer for Eneco, including Shell. In early 2019, the energy major and pension fund PGGM joined forces to explore a potential bid for Eneco.