Rotterdam to earn €1.3B in sale of Dutch energy provider Eneco; Den Haag takes €678M

Energy company Eneco will be sold to a Japanese consortium of Mitsubishi and Chubu for 4.1 billion euros. That is significantly higher than the expected 3 billion to 4 billion euros, which is good news for the 44 municipalities who owned Eneco shares, De Telegraaf reports.

The majority of former Eneco owners are in Zuid-Holland and Friesland, though there were also a few municipalities from other provinces among them. Rotterdam is the big winner, getting 1.3 billion euros from the sale. Den Haag wins 678 million euros.

Smaller shareholders also have a lot to celebrate. Schiermonnikoog, Eneco's smallest shareholder with only 0.03 percent of shares, earns 1 million euros through the sale.

Eneco's management board and supervisory board unanimously approved the deal, according to RTL Z. But the sale must still be approved by the Minister of Economic Affairs and the competition regulator. That is likely to be the Dutch ACM, but the matter could also end up with the European Commission, a ACM spokesperson said to the broadcaster.

The Japanese consortium outbid Shell, who made a bid together with pension provider PGGM. Rabobank also showed an interest in taking over the energy company.