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Paris, France, Nov. 10, 2025 (GLOBE NEWSWIRE) —
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North Atlantic France SAS provides updates on the contemplated acquisition of a majority stake in Esso Société Anonyme Française SA
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- Turkish antitrust clearance obtained; transaction remains subject to French direct foreign investment authorization and EU Foreign Subsidies clearance
- Transaction target closing date set for November 28, 2025
- Esso S.A.F. shareholders approved extraordinary distribution of €60.21 per share
- Assuming a closing on November 28, 2025, final purchase price of €26.19 per Esso S.A.F. share for the acquisition of the ExxonMobil block of shares and €28.93 per Esso S.A.F. share in the context of the tender offer
- Esso S.A.F. to be renamed “North Atlantic Energies” upon completion of the transaction
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Paris, FRANCE, November 10, 2025 – North Atlantic France SAS (“North Atlantic”) refers to its announcements dated May 28, 2025, September 24, 2025 and October 6, 2025 with respect to the contemplated acquisition from ExxonMobil France Holding SAS (“ExxonMobil”) of ExxonMobil’s entire stake in Esso Société Anonyme Française SA (“Esso S.A.F.”) and in ExxonMobil Chemical France SAS (the “Transaction”).
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Regulatory approvals and expected closing timeline
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North Atlantic has obtained Turkish antitrust clearance and continues to pursue the remaining regulatory approvals, namely the foreign investment prior authorization from the French Ministry of Economy and the decision of the European Commission under the EU Foreign Subsidies Regulation.
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Subject to obtaining these approvals and finalizing certain financing arrangements, North Atlantic and ExxonMobil currently expect to close the Transaction on November 28, 2025.
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Block acquisition purchase price of €26.19 per share assuming a closing on November 28, 2025
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On October 6, 2025, North Atlantic announced that the price per Esso S.A.F. share of €149.19 would be reduced to €85.18 reflecting (i) a €11.01 downward adjustment for the change in the euro value of Esso S.A.F.’s inventory relative to its value as of December 31, 2024 and (ii) a €53.00 downward adjustment corresponding to the ordinary dividend and the extraordinary dividend paid by Esso S.A.F. on July 10, 2025.
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In addition, taking into account the €60.21 per share extraordinary distribution to be paid on November 14, 2025 by Esso S.A.F., following shareholder approval obtained on November 4, 2025 at Esso S.A.F.’s Combined General Meeting, the €85.18 price per share will be further reduced to €24.97.
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Assuming a closing on November 28, 2025, North Atlantic and ExxonMobil have agreed to definitively settle between themselves, on a lump-sum basis, the amount of the price adjustments provided for in the Share Purchase Agreement and to set the price per share to be paid to ExxonMobil at €26.19.1
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On this basis, the price to be paid to Esso S.A.F.’s minority shareholders in the mandatory tender offer for the remaining Esso S.A.F. shares that North Atlantic intends to file before the end of the year is set at €28.932 per share, corresponding to a difference of approximately 10.46% over the price per share paid to ExxonMobil.
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Change of corporate name of Esso S.A.F
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As resolved at Esso S.A.F.’s Combined General Meeting on November 4, 2025 and subject to completion of the Transaction, Esso S.A.F. will be renamed “North Atlantic Energies.”
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