Paris: North Atlantic France SAS (North Atlantic) has announced its progress regarding the acquisition of ExxonMobil’s stake in Esso Soci©t© Anonyme Fran§aise SA (Esso S.A.F.) and ExxonMobil Chemical France SAS from ExxonMobil France Holding SAS (ExxonMobil).

According to BERNAMA News Agency, North Atlantic has secured Turkish antitrust clearance and is working towards obtaining the remaining regulatory approvals. These include the foreign investment prior authorization from France’s Ministry of Economy and a decision from the European Commission under the EU Foreign Subsidies Regulation. The transaction is expected to close on November 28, contingent upon receiving these approvals and concluding financing arrangements.

Esso S.A.F. shareholders have approved an extraordinary distribution of 60.21 euros per share, scheduled for payment on November 14. Consequently, the initial price of 85.18 euros per share will be adjusted to 24.97 euros. Assuming the transaction completes on the anticipated date, North Atlantic and ExxonMobil have agreed to settle price adjustments, setting the final price per share to be paid to ExxonMobil at 26.19 euros.

North Atlantic plans to file a mandatory tender offer for the remaining shares before the year’s end, offering Esso S.A.F.’s minority shareholders 28.93 euros per share. This represents a 10.46 percent premium over the price paid to ExxonMobil.

At Esso S.A.F.’s Combined General Meeting on November 4, it was resolved that, subject to the transaction’s completion, the company will be renamed “North Atlantic Energies.” North Atlantic has pledged to ensure a smooth transition, maintaining current employment levels and existing compensation and benefits.

For nearly forty years, North Atlantic has been a leader in the retail gas and convenience sector, as well as in the residential, commercial, and wholesale fuel industries in Newfoundland and Labrador. The company leverages its expertise to serve both domestic and industrial sectors and caters to global clients through its marine bunkering distribution channels.