Paris: North Atlantic France SAS (North Atlantic France) has successfully completed the acquisition of an 82.89 percent controlling interest in Esso Soci©t© Anonyme Fran§aise SA (Esso S.A.F.) at a price of 26.19 euros per share. Additionally, it has acquired 100 percent of ExxonMobil Chemical France SAS (EMCF) from ExxonMobil France Holding SAS (ExxonMobil). This acquisition follows a competitive auction process initiated in 2024. The current exchange rate stands at 1 Euro to RM4.79.
According to BERNAMA News Agency, all necessary regulatory approvals have been obtained for the transaction, including French foreign direct investment authorization and clearance under the European Union Foreign Subsidies Regulation. The acquisition has led to the renaming of Esso S.A.F. to North Atlantic Energies, signifying a new era for the Gravenchon site within France’s energy and industrial sector.
North Atlantic Group President and Chief Executive Officer, Ted Lomond, expressed that this acquisition marks a significant advancement in North Atlantic’s international growth. Over the past forty years, the company has effectively transformed and managed complex industrial assets across Canada, focusing on safety, performance, and sustainability. Lomond highlighted that the establishment of North Atlantic Energies creates a strategic link between North America and Europe, aligning with their goal of forming a leading transatlantic energy group.
In its statement, North Atlantic emphasized its dedication to the Gravenchon site, its workforce, and the future of France’s energy and industrial sectors. The newly formed North Atlantic Energies will uphold high standards of product quality and service, while continuing its collaboration with ExxonMobil through long-term supply and technology agreements to ensure operational consistency, innovation, and reliability.
Furthermore, North Atlantic France plans to initiate a simplified tender offer for the remaining shares of North Atlantic Energies that it does not already own, proposing an offer price of 28.93 euros per share.