Exxon Mobil to Sell 82.89% Stake in French Subsidiary Esso to Canadian North Atlantic France SAS, Closing Expected in Q4

Exxon Mobil has entered exclusive talks to sell its 82.89% stake in its French subsidiary Esso SAF to North Atlantic France SAS, a Canadian energy group. The transaction, expected to close in the fourth quarter pending regulatory approvals, represents a continuation of Exxon’s broader strategy to exit the French market. The sale includes the Esso refinery in Gravenchon, which has prompted reactions from employee representatives expressing concern. The deal is reported to involve a discount on the valuation of the French unit, which specializes in refining and fuel distribution. This move aligns with recent trends in the energy sector as companies adjust their portfolios amid market pressures.