Wedoany.com Report-May 30, Exxon Mobil Corp. has entered exclusive negotiations with North Atlantic for the potential acquisition of a refining and petrochemical complex in Gravenchon, Normandy, France. The 1,500-acre site, hosting France’s second-largest refinery and a major integrated chemical complex in Western Europe, can process up to 230,000 barrels daily of crude and feedstocks, utilizing two distillation trains and multiple conversion units.
ExxonMobil agreed to enter exclusive negotiations with North Atlantic for the Canadian company's potential takeover of a refining and petrochemical complex in France.
The proposed deal involves Exxon Mobil selling an 82.89% stake in Esso Société Anonyme Française SA (Esso SAF), which operates the refinery, and 100% of ExxonMobil Chemical France SAS (EMCF), which manages petrochemical operations, to North Atlantic France SAS. Approximately 1,350 employees will transfer to the new owner under existing employment terms, ensuring job continuity. Tanya Bryja, ExxonMobil’s Senior Vice President of Product Solutions, stated: “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.”
North Atlantic’s President and CEO, Ted Lomond, said: “This is a pivotal moment for North Atlantic as we enhance our transatlantic presence and commitment to energy security through innovative energy solutions.” The transaction, valued at €149.19 ($168.15) per Esso SAF share with adjustments, includes a base purchase price of €422 million for 100% of Esso SAF shares, assuming €1.496 billion in cash as of December 31, 2024. ExxonMobil will facilitate an additional distribution of up to €63.36 per share, alongside a €53 per share dividend proposed for July 10, 2025, pending shareholder approval on June 4, 2025.
ExxonMobil will retain Esso SAF and EMCF trademarks and intellectual property, maintaining its market presence in France through chemical sales, lubricants, and specialty products. The company noted: “ExxonMobil continually evaluates its business globally and the proposed sale is aligned with its business strategy.” The deal follows ExxonMobil’s 2024 sale of the Fos-sur-Mer refinery and earlier divestitures in Italy and Thailand, focusing on high-value assets.
If finalized by year-end 2025, subject to standard conditions, North Atlantic plans to fund the acquisition with shareholder equity and external debt. The transaction strengthens France’s energy sector, supporting industrial operations and energy security without affecting consumption or trade dynamics.
