ExxonMobil announced that it has entered exclusive negotiations with the French unit of Canadian energy group North Atlantic to sell  the  82.89 % stake Exxon owns in the French subsidiary Esso,  according to Reuters.

The sale is planned to be implemented in Q4 2025, at a price of EUR149.19 ($168.82) per share before distributions, or EUR32.83 after distributions.

An Esso note stated that once the transaction is completed,  North Atlantic would make a mandatory offer to buy  for the remaining shares of Esso on the same financial terms as the initial offer, noting that this bid would be launched in Q1 2026.

North Atlantic will keep the employment and develop Esso’s Gravenchon facility, the second-largest refinery in France and one of the largest integrated chemical complexes in Western Europe. into a green energy hub, the group said in a statement reported by Reuters. t

Esso is a prominent player in France’s downstream oil sector. Over the years, Esso has developed a significant presence in refining, distribution, and marketing of petroleum products.