Wedoany.com Report-May 30, ExxonMobil France Holding has entered exclusive negotiations with North Atlantic France SAS to sell its 82.89% stake in Esso Société Anonyme Française SA (Esso S.A.F.) and full ownership of ExxonMobil Chemical France SAS. The agreement focuses on the Gravenchon refining and petrochemical complex in Normandy, France, a significant industrial facility.

Approximately 1,350 employees, excluding those in a prior redundancy plan, will transition to North Atlantic with their existing employment terms, ensuring job stability. The purchase price for Esso S.A.F. is €149.19 per share before distributions, or €32.83 per share after a planned €116.36 per share distribution, based on a €422 million valuation for 100% of Esso S.A.F. shares as of December 31, 2024.

Tanya Bryja, Senior Vice President of ExxonMobil 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.” She affirmed France’s importance as a market, with ongoing sales of chemicals, lubricants, and specialty products. Ted Lomond, President and CEO of North Atlantic, 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 Gravenchon site will maintain safe and reliable operations, fulfilling customer supply commitments during the transition. The transaction requires consultation with employee representative bodies under French law and depends on regulatory approvals and financial arrangements, with completion expected by the end of 2025. ExxonMobil will retain Esso S.A.F. and ExxonMobil Chemical France’s trademarks, preserving its brand presence in France.

The deal aligns with North Atlantic’s strategy to bolster Gravenchon’s role in France’s energy sector, focusing on industrial operations without impacting consumption or trade flows. Both companies are dedicated to a smooth transition, ensuring service continuity and supporting France’s energy needs.