ExxonMobil to Sell Its Stake in French Subsidiary Esso

Published 1 days agoXOM

ExxonMobil to Sell Its Stake in French Subsidiary Esso

ExxonMobil has entered into exclusive negotiations to sell its 82.89% stake in its French subsidiary, Esso, to the French division of the Canadian energy group North Atlantic. The deal is set to proceed with a sale price of €149.19 per Esso share before distributions, or €32.83 after planned distributions. Additionally, an extra distribution of up to €63.36 per share is anticipated prior to the completion of the sale.

This strategic transaction will see North Atlantic launch a mandatory takeover bid for the remaining Esso shares once the initial deal is finalized. The tender offer is scheduled to be filed in the first quarter of 2026, with completion expected by the last quarter of 2025. The move reflects ExxonMobil's approach to shedding non-core assets, as seen with its sale of the Fos-sur-Mer refinery to a Trafigura-led consortium in 2024.

ExxonMobil's strategy aligns with its broader goal of optimizing its global operations by divesting from less profitable markets. Reuters reported that the sale of its stake in Esso is part of this ongoing effort, following a similar strategy executed with the Fos-sur-Mer refinery, highlighting the company's shift away from European refining markets.

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