Shell and pension fund PGGM to bid for last Dutch public energy firm
Oil giant Shell and Dutch health service pension fund PGGM are working on a joint bid for energy provider Eneco, the AD said on Monday afternoon.
Both companies have pledged to retain Eneco’s green reputation and to broaden its operations in Europe.
Eneco, the last Dutch energy firm in public hands, is due to sold via a controlled auction later this year.
‘Our expertise and our financial weight will allow us to expand the company’s position in both the Netherlands and western Europe,’ Shell’s director of new energy Maarten Wetselaar told the paper.
‘We do not want to pile the company full of debt and get a quick return on our investment,’ he said. ‘Some others may have that in mind.’
Frank Roeters van Lennep, PGGM’s head of private investments, said that opportunities to invest in the Netherlands are scarce.
‘We like to invest in the Netherlands but such options are hard to come by,’ he said.
‘They have to be financially sound, that is always a main condition and this is such an opportunity.’
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