ExxonMobil France Holding has entered into exclusive negotiations with North Atlantic France SAS for both the proposed sale of its 82.89% majority shareholder interest in Esso Société Anonyme Française SA (Esso S.A.F.), as well as the proposed sale of ExxonMobil Chemical France SAS.
With the exception of those part of the previously announced redundancy plan, all of the approximately 1,350 employees in France will be retained and remain on the same employment terms and conditions.
The purchase price of the Bloc de Contrôle would be a price of €149.19 per Esso S.A.F. share before any distribution by Esso S.A.F., i.e. a price of €32.83 per share, assuming a total distributed amount of €116.36 per share before the proposed acquisition and before application of the adjustments described below.
This price per share Esso S.A.F. was fixed on the basis of a cash balance as at 31 December 2024 and a basic price for 100% of Esso S.A.F.’s shares equal to €422,000,000.
“ExxonMobil has been operating in France for over 120 years and we plan to maintain a significant commercial presence with the Esso brand at around 750 retail sites across the country,” said Tanya Bryja, senior vice president of ExxonMobil Product Solutions. “France remains an important market for us, and we will continue to support customers with sales of chemicals, finished lubricants, base stocks, synthetics, and other specialty products as well.”
“This is a pivotal moment for North Atlantic as we enhance our transatlantic presence and commitment to energy security through innovative energy solutions aligned with global energy needs,” added Ted Lomond, President and CEO of North Atlantic. “We are eager to consolidate Gravenchon’s role as a vital center of French energy and industry for decades to come and grow North Atlantic into a premier transatlantic energy company.”
Esso S.A.F. and ExxonMobil Chemical France remain fully committed to continuing safe, reliable operations in France and to meeting all supply obligations for their customers through the transition.
The contemplated transaction will be submitted to the relevant employees’ representative bodies, in accordance with French law. Completion of the acquisition of the 82.89% interest in Esso S.A.F. and 100% of EMCF is subject to the satisfaction of customary regulatory conditions precedent and finalization of certain financial arrangements and is expected to occur in the fourth quarter of 2025.