Eneco acquisition completed

All 44 municipal shareholders of Eneco (which together hold 100% of the Eneco shares) have agreed to the proposed sale. With the approval of the Minister for Economic Affairs and Climate in the Netherlands, the Federal Minister of Energy in Belgium, as well as the competition authorities in Germany and the European Commission, all the conditions have been met.

Having the consortium as new shareholders will mean that Eneco is well positioned to continue to play a role in the energy transition. Eneco can now accelerate the implementation of its sustainability strategy, aimed at the growth of renewable energy sources, energy supply and innovative services. Eneco remains intact as an integrated and independent Dutch energy company.

With the completion of the transaction both the composition of the Management Board and the Supervisory Board will change.

CEO Ruud Sondag is stepping down from the Management Board at his own request. The Supervisory Board is in an advanced phase of selecting a new Chief Executive Officer for the company. Mr Hans Peters, currently Chief Customer Officer, will join the Management Board. He will remain responsible for all customer-related matters. Mr Hiroshi Sakuma will also join the Management Board, he is responsible for the stimulation of the interaction with respect to the strategy between Eneco and Mitsubishi Corporation and Chubu Electric Power and the roll-out of Eneco's business to international markets as Chief Cooperation & International Officer.

The composition of the Supervisory Board will also change. The new chairman of the Supervisory Board is Mel Kroon. He is the former chairman of Tennet and has been actively involved in the energy transition. On behalf of Mitsubishi Corporation, Mr Katsuya Nakanishi, Mr Yutaka Kashiwagi and Mr Haruhiko Sato join the Supervisory Board, and Mr Takanori Shiozawa joins the Supervisory Board on behalf of Chubu Electric Power.

The Central Works Council nominates two members, which have the power to monitor the execution of the agreed non-financial covenants. Mr Michael Enthoven will remain on the Supervisory Board as a works council nominee and a search process is ongoing for the second Supervisory Board member to be nominated by the Central Works Council. Until such person is found current Supervisory Board member Marco Keim will continue to serve on the Supervisory Board.

All changes are also supported by the leaving shareholders. More information on the composition of the Management Board and the Supervisory Board can be found here.

Read the article online at: https://www.energyglobal.com/special-reports/03042020/eneco-acquisition-completed/