Energy giant ExxonMobil said on Wednesday that it has held exclusive negotiations with the French subsidiary of Canadian Energy Group North Atlantic to divest its majority-owned French subsidiary Esso. Esso said in a statement that the sale is expected to take place in the last quarter of this year at a price of €149.19, or €32.83, per share of Esso shares. ExxonMobil is currently the majority shareholder of Esso, holding 82.89% of the shares, and Esso plans to divest them all. Esso said that after the acquisition is completed, North Atlantic will make a mandatory takeover offer for the remaining shares of Esso under the same financial terms as the original offer. Esso said it is expected that a takeover offer will be made in the first quarter of 2026.

Energy giant ExxonMobil said on Wednesday that it has held exclusive negotiations with the French subsidiary of Canadian Energy Group North Atlantic to divest its majority-owned French subsidiary Esso. Esso said in a statement that the sale is expected to take place in the last quarter of this year at a price of €149.19, or €32.83, per share of Esso shares. ExxonMobil is currently the majority shareholder of Esso, holding 82.89% of the shares, and Esso plans to divest them all. Esso said that after the acquisition is completed, North Atlantic will make a mandatory takeover offer for the remaining shares of Esso under the same financial terms as the original offer. Esso said it is expected that a takeover offer will be made in the first quarter of 2026.