Mitsubishi and Chubu to take over Dutch energy giant Eneco

Dutch energy company Eneco has agreed to a proposed 4.1 billion-euro (£3.5 billion) takeover by Japanese corporations Mitsubishi and Chubu.

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

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

Mitsubishi chief executive 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.”