Total weighs bid for Eneco Group in challenge to Shell

Bloomberg

French oil giant Total SA is working with advisers as it weighs an offer for Eneco Groep NV, joining a number of financial and industry bidders for the Dutch utility, including rival Royal Dutch Shell Plc, people familiar with the matter said.
The firm, which is owned by dozens of Dutch municipalities and is due to be auctioned this year, could fetch as much as 4 billion euros ($4.6 billion), said one of the people, who asked not to be identified because the deliberations are private. It joins companies including Engie SA, Enel SpA, Macquarie Group Ltd. and Mitsubishi Corp., which may also be interested in the asset, they said.
Total and Shell are working to sell energy directly to customers, using the power business as a hedge against a potential drop in gasoline and diesel demand as European governments promote electric cars and introduce more stringent rules on carbon emissions.
Representatives for Total, Eneco, Enel, Engie and Macquarie declined to comment. A representative for Mitsubishi didn’t have an immediate response when contacted outside of regular business hours.