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Total may compete with Shell/PGGM in a takeover bid for Eneco 

Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad.


Total may challenge Shell in violation of the acquisition of energy company Eneco

From our Editor

The French energy group Total is considering making an offer for the Dutch energy company Eneco. The financial press agency Bloomberg reports this on the basis of information from insiders.

Total would already have counsellors in hand to study the pros and cons of a bid. If the French continue this plan, they may expel Shell who has publicly announced that they want to acquire Eneco.

About three weeks ago, it became known that the British-Dutch oil and gas multinational and pension provider PGGM wanted to bid together for Eneco, one of the three major energy companies in the Netherlands. The combination was the first party that had publicly announced its interest.

Fossil fuels

Shell and PGGM say they want to expand Eneco into a European player while maintaining the sustainable strategy of the Rotterdam company. That is also possible for Total. For example, the French oil company, which still leans heavily on fossil fuels, bought the Belgian energy company Lampiris from Liège in 2016, an attempt by the French to ‘green’ themselves. In the rumor circuit, the name of Total was mentioned earlier.

The shareholders of Eneco, 53 Dutch municipalities, announced at the end of last year after one and a half years of internal dispute to sell the company through a ‘controlled auction’. In addition, interested parties are invited to make an offer, but they also have different criteria than price.

Possible sales price

At Eneco, this includes guarantees for the sustainable nature and retention of employment. The market takes into account a sales price of around € 3 billion or possibly more.

With the combination Shell and PGGM a wealthy Dutch buyer reported. Shell’s interest in Eneco was a public secret that the energy company would not engage with PGGM.

Many potential interested parties

According to insiders also include the French Engie, the Italian Enel, the Japanese Mitsubishi and the Australian investor Macquarie Infrastructure bid. The Dutch pension investor APG could also be interested.

The Eneco sales process starts in March. Completion is expected in 2020.


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