Royal Dutch Shell (RDS.A, RDS.B), together with PGGM, a Dutch pension fund manager are exploring a joint bid for Dutch energy company Eneco, the companies said in a statement on Monday.
Analysts are reportedly estimating Eneco to be worth around EUR3 billion ($3.44 billion), Reuters reported the same day.
The 53 municipalities that own Eneco said in December 2018 that they will be selling Eneco through an auction later in 2019, the report said.
"Eneco's business neatly fits with Shell's New Energies activities and ambitions to continuously find new ways to reduce carbon emissions and provide more and cleaner energy. The consortium is committed to expand and develop business models that create both societal and commercial value," said Shell's Integrated Gas and New Energies Director Maarten Wetselaar.
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