Dutch pension fund PGGM and Shell have lost out on a bid for sustainable energy provider, Eneco, to a Japanese consortium led by Mitsubishi.

It was first announced in January this year that PGGM and Shell were interested in acquiring Eneco, and in June, reports suggested the pair had taken the lead in the bid to take over the company. However, yesterday, 25 November, Eneco revealed that a consortium led by Mitsubishi Corporation has acquired the company.

Mitsubishi Corporation and Chubu have made an offer for Eneco for a value of €4.1bn. Mitsubishi Corporation (80 per cent) and Chubu (20 per cent) will fund the proposed transaction fully by using existing cash resources.

Eneco said 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."


A spokesperson for PPGM, said: "PGGM is disappointed to lose the bid, having seen this as a very good opportunity to invest Dutch pension capital long term in the Dutch energy infrastructure. We fully stand behind our bid however."

Shell director integrated gas and new energies, Maarten Wetselaar, said: "We respect this outcome, but are disappointed. We believe that together with PGGM we made a competitive bid for Eneco, including an attractive package of non-financial terms and long-term growth plans."

Share Story: