Eneco Group’s shareholders, supervisory board and board of management have decided to carry out the privatization of the company following discussions over the past months.
After examining the available options for privatization in consultation with advisors, Eneco and the shareholders decided that it is best done by means of a controlled auction since it best serves their interests.
The examined criteria included anticipated proceeds, transaction certainty, the continuation of the sustainable strategy and employment, naturally within the legal framework applying for privatizations, Eneco said.
According to the company, significant progress has been made with the finalization of the preparations for privatization, during which agreements have been made with the central works council regarding its involvement in the sales process.
The preparatory phase will be followed by a transaction phase, in which the objective is to submit an eligible bid from a party, including conditions and commitments, to Eneco’s 53 municipal shareholders for approval.
“The shareholding municipalities are pleased that all parties involved are now truly ready to enter the process of selling Eneco and have reached agreement on how this will take place,” said Adriaan Visser, Chairman of the shareholders’ committee.
“This decision and the agreements made with regard to the further sales process are the result of diligent and combined efforts, taking into account the sustainable strategy and the other interests of all stakeholders. We will proceed in the same manner. Therefore, I am confident that this step will lead to a bright future for Eneco.”