North Atlantic Nears Completion Of Esso S.A.F. Acquisition Amid Final Price Adjustments

KUALA LUMPUR, Oct 6 (Bernama) -- North Atlantic France SAS (North Atlantic) is closing in on its acquisition of ExxonMobil France Holding SAS (ExxonMobil)’s 82.89 per cent stake in Esso Société Anonyme Française SA (Esso S.A.F.), with the final purchase price now undergoing detailed adjustments ahead of completion expected by year-end 2025.

Following a signed share purchase agreement on Sept 24, the initial per-share price of 149.19 euros is now subject to multiple downward and upward revisions, said North Atlantic in a statement. (1 Euro = RM4.93)

These include an 11.01 euros per share reduction due to a drop in Esso S.A.F.’s inventory value, a 53.00 euros per share downward adjustment for dividends paid on July 10, and a further 60.21 euros per share adjustment contingent on a distribution planned for Nov 14.

If approved, these changes would bring the price per share to 24.97 euros, excluding remaining adjustments.

Further upward revisions will include a ticking fee interest on base amounts totalling 1.31 billion euros, accruing since March 2, and sale proceeds from Esso S.A.F.’s lubricants business (eight million euros) and intellectual property rights (20 million euros) to ExxonMobil.

A final downward adjustment will reflect social liabilities, though post-closing liabilities will not affect the mandatory tender offer to Esso S.A.F.’s minority shareholders.

The final transaction price will be announced before closing. The deal remains subject to regulatory approvals, including France’s foreign direct investment clearance and financing finalisations.

North Atlantic reaffirmed its commitment to a stable transition, vowing to preserve jobs and existing employee benefits.

-- BERNAMA