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Mitsubishi, Chubu to Take Over Dutch Energy Giant Eneco

Eneco said that Mitsubishi will fund 80% of the deal and Chubu the remaining 20%.

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THE HAGUE, Netherlands (AP) β€” Dutch energy company Eneco says it has agreed to a proposed 4.1 billion-euro ($4.5 billion) takeover by Japanese corporations Mitsubishi and Chubu.

Eneco said in a statement Monday that Mitsubishi will fund 80% of the deal and Chubu the remaining 20%.

The company, which is currently owned by a group of 44 Dutch municipalities, says Mitsubishi and Chubu support strengthening Eneco's sustainable energy strategy and will allow it to further expand internationally.

Mitsubishi CEO Takehiko Kakiuchi says Eneco β€œfits in perfectly with our current energy activities and provides us with a platform to further grow in the European market in which we intend to have a leading position in the energy transition.”

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