- ExxonMobil plans to sell its 82.89% stake in Esso France to North Atlantic, with the deal expected to close in late 2025.
- North Atlantic plans to maintain jobs, convert the Gravenchon site into a green energy hub, and file a full takeover bid for remaining Esso shares in early 2026.
On Wednesday, May 28, U.S. energy firm ExxonMobil announced that it had entered exclusive negotiations with the French unit of Canadian energy group North Atlantic to sell its majority-owned subsidiary Esso S.A.F. (ESSF.PA).
ExxonMobil plans to divest its 82.89% stake in Esso as part of a strategic exit from certain European refining assets. The transaction, subject to regulatory approvals and other closing conditions, is expected to be finalised in Q4 2025.
Esso disclosed the deal’s financial terms, stating that the agreed sale price is €149.19 ($168.82) per share before or €32.83 per share after distributions. The lower adjusted price reflects a planned pre-sale distribution of up to €63.36 per share, which ExxonMobil aims for Esso to complete before the transaction closes.
Following the acquisition, North Atlantic will launch a mandatory takeover bid for the remaining shares of Esso under the same financial terms as the initial deal. Esso confirmed that the tender offer will be filed in the first quarter of 2026.
Despite the planned divestment, operations at Esso’s major refining assets will continue. A North Atlantic spokesperson said the group will retain Esso’s workforce and develop the Port-Jérôme-Gravenchon refinery into a green energy hub. ExxonMobil will continue to supply crude oil for processing at the facility using Exxon’s proprietary technology.
The Gravenchon facility in the Normandy region is France’s second-largest refinery and one of the largest integrated petrochemical sites in Western Europe. North Atlantic’s acquisition signals an intention to preserve its industrial footprint while pivoting toward low-carbon technologies.
Markets reacted swiftly to the news. Esso shares fell 9.2% by 09:31 GMT, on track for their worst trading day since July 24, 2024, as investors responded to the deal’s financial structuring and potential uncertainties during the transition. This move marks another step in ExxonMobil’s broader effort to streamline its global refining portfolio.
In October 2024, Esso finalised the sale of its Fos-sur-Mer refinery and two oil terminals to Rhone Energies, a consortium backed by Trafigura. The company is also preparing to wind down operations at the Port-Jérôme refinery, citing weakening refining margins and an upcoming planned shutdown.
Esso’s recent profitability has taken a hit due to declining refining margins, adding urgency to strategic decisions on asset optimisation.
North Atlantic, which has been expanding its European footprint, emphasised the importance of sustainable energy development. The firm sees long-term value in transforming the Gravenchon facility into a clean energy leader in France, while preserving its historical strength in petrochemicals and refining.