Shell Teams Up With Dutch Pension Fund To Bid For Eneco

Royal Dutch Shell (NYSE: RDS.A) and Dutch pension fund manager PGGM are considering a joint bid for Dutch energy company Eneco, which analysts estimate to be worth about 3 billion euros (US$3.4 billion).

The 53 municipalities that own Eneco, which is heavily invested in sustainable energy projects, said in December they will sell it via an auction later this year.

Shell and PGGM, who gave no financial details, said they were looking for “a long term commitment” with Eneco, which is expected to appeal to energy companies that want to increase their exposure to renewable energy production.