Energy major ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso, it said on Wednesday.
The sale is expected to take place in the last quarter of this year, at a price of 149.19 euros ($168.82) per Esso share before distributions, or 32.83 euros after distributions, Esso said in a statement.
Those include an additional distribution of up to 63.36 euros per share ExxonMobil aims for Esso to make prior to completion of the transaction, Esso said.
Exxon is currently the majority shareholder in Esso, with a 82.89% stake, which it plans to divest entirely.
Following the acquisition, North Atlantic would make a mandatory takeover bid for the remaining shares of Esso on the same financial terms as the initial offer, Esso said.
It said that the tender offer is expected to be filed in the first quarter of 2026.
(Reporting by Alban Kacher; Editing by Jan Harvey and Tomasz Janowski)