EU approves Mitsubishi Corporation, Chubu acquisition of Eneco

The European Commission has approved the acquisition of Eneco Group N.V., a Dutch energy company, by the Japanese companies Mitsubishi Corporation and Chubu Electric Power Co Inc. 

Eneco is active in the production and storage of electricity from sustainable resources, including wind, solar, water and bio-energy, the supply of electricity and gas to private and business customers, and the provision of ancillary services. 

The Commission concluded that the proposed acquisition would raise no competition concerns, given the companies' moderate market positions and limited overlap resulting from the proposed transaction. The transaction was examined under the simplified merger review procedure.

The deal, valued at EUR4.1 billion (US$4.5 billion), is set to close before the end of 2020.