A consortium featuring Mitsubishi and Japanese utility Chubu is set to buy out European energy major Eneco as Mitsubishi targets further European growth.

The shareholders' committee, Eneco and the consortium have reached an agreement on the proposed sale of all shares in Eneco.

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In sealing the deal, the Mitsubishi-led consortium has fended off fierce interest from other would-be suitors including O&G major and Eneco compatriot Shell.

The €4.1 billion (US$4.51 billion) deal will see Mitsubishi take an 80% stake in the company with Chubu holding the remaining 20%, pending regulatory approval of the transaction.

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