Rotterdam,
25
november
2019
|
09:36
Europe/Amsterdam

Eneco strengthens its sustainable course and further expands internationally with a consortium led by Mitsubishi Corporation as new shareholder

Shareholders' committee and Eneco reach agreement with a consortium of Mitsubishi Corporation and Chubu on an offer for Eneco for a value of EUR 4.1 billion.

Highlights of the agreement:

  • The shareholders' committee[1], Eneco and a consortium led by Mitsubishi Corporation have reached an agreement on the proposed sale of all shares in Eneco for a total equity value of EUR 4.1 billion
  • The consortium has made the best offer for the shareholders and all other stakeholders of Eneco, including its employees, with the best terms and conditions including price and deal certainty
  • Mitsubishi Corporation (80%) and Chubu (20%) will fund the proposed transaction fully by using existing cash resources
  • Mitsubishi Corporation and Chubu are shareholders with a long-term horizon and are in full support of strengthening Eneco's sustainable strategy
  • The consortium will further expand the business of Eneco internationally:
    • Eneco will become the European centre for all energy-related activities of Mitsubishi Corporation, a global enterprise with great ambitions in the area of energy transition, and Chubu, the 3rd largest Japanese energy company with about 10.2 million retail customer contracts and focussed on non-fossil energy sources
    • Mitsubishi Corporation plans to transfer part of its offshore wind activities (more than 400 megawatt) to Eneco
  • Eneco remains intact as an integrated and independent Dutch energy company:
    • the brands of Eneco, its corporate culture and corporate identity remain unchanged
    • the employment and employment conditions remain unchanged
    • the head office of Eneco remains in Rotterdam
  • Eneco's credit profile (currently BBB+ under S&P) is expected to benefit from the financial strength of the new shareholders
  • Ruud Sondag will resign as CEO upon completion of the proposed transaction and will remain as senior adviser. He will be succeeded by a Dutch CEO
  • Eneco Chief Customer Officer Hans Peters and a representative of Mitsubishi Corporation (to be announced) will be added to the current board of management
  • The agreement has been entered into by the shareholders' committee. The 44 Dutch municipal shareholders will be given the opportunity to take a final decision on the sale of their shares
  • The agreement is supported unanimously by the board of management and supervisory board of Eneco, who consider it to be in the best interest of Eneco and all of its stakeholders
  • The central works council has a positive view on Mitsubishi Corporation and Chubu as future shareholders and has rendered an unconditional positive advice on the transaction
  • The Enterprise Chamber will be requested to terminate the inquiry proceedings

 

  • PLEASE SEE ATTCHED PRESS RELEASE

[1] In this press release, the shareholders' committee means the committee of selling shareholders consisting of the municipalities of Rotterdam, The Hague, Dordrecht, Lansingerland, Capelle aan den IJssel, Molenlanden, Heemstede and Achtkarspelen.