ExxonMobil to sell French subsidiary Esso

Canadian group North Atlantic will acquire a 82.89% stake in Esso S.A.F., including Gravenchon refinery.

ExxonMobil has entered exclusive negotiations to sell its majority stake in Esso S.A.F. to Canadian group North Atlantic.

All of the approximately 1,350 employees in France will be retained and remain on the same employment terms and conditions.

North Atlantic is also expected to acquire ExxonMobil Chemical France SAS (EMCF), as well as certain lubricant marketing operations and trademarks currently managed by Esso

Following the acquisition of the controlling interest, North Atlantic would launch a mandatory public offer for the remaining Esso S.A.F. shares.

Despite the ownership change, ExxonMobil emphasized its continued commercial presence in France.

“We plan to maintain the Esso brand at around 750 retail sites across the country. France remains an important market,” said Tanya Bryja, senior vice president of ExxonMobil Product Solutions.

For North Atlantic, the deal is a strategic step in growing its transatlantic energy presence. “We are eager to consolidate Gravenchon’s role as a vital center of French energy and industry,” said Ted Lomond, President and CEO of North Atlantic.

*This article was corrected as it previously reported the sale included the network of Esso stations