Municipalities approve Eneco takeover by Mitsubishi despite WWII history

A majority of Eneco's shareholders approved the sale of the energy company to Japanese companies Mitsubishi and Chubu. Now that the municipality of Rotterdam has given the green light, the holders of 75 percent of the shares agreed and the 4.1 billion euro sale can continue, NU.nl reports.

Eneco is currently owned by 44 municipalities. Rotterdam is the largest shareholder with 31.69 percent of the shares. The Hague (16.55 percent), Dordrecht (9.05 percent), and 20 other municipalities with smaller interests already approved the sale.

Multiple city councils, including Rotterdam, urged Mitsubishi to get in touch with the foundation Japanse Ereschulden, to discuss the several hundred Dutch prisoners of war who were forced to perform work for the company during the Second World War. This was not a condition for the sale, however, according to the news outlet. 

At the end of last year Eneco announced that the energy company will be sold for a total of 4.1 billion euros to Mitsubishi and Chubu. The Japanese consortium did not only offer more money than expected, but also gave the best offer in terms of other people involved, such as the employees. Eneco will continue to operate as an independent part of the consortium. The brand, company culture, and corporate identity will remain intact.