North Atlantic Expects To Complete Esso S.A.F. Acquisition On Nov 28

KUALA LUMPUR, Nov 11 (Bernama) -- North Atlantic France SAS (North Atlantic) has provided an update on its proposed acquisition from ExxonMobil France Holding SAS (ExxonMobil) of ExxonMobil’s entire stake in Esso Société Anonyme Française SA (Esso S.A.F.) and in ExxonMobil Chemical France SAS.

The company has obtained Turkish antitrust clearance and continues to pursue the remaining regulatory approvals, namely the foreign investment prior authorisation from France’s Ministry of Economy and a decision from the European Commission under the European Union (EU) Foreign Subsidies Regulation.

Completion of the transaction, subject to securing these approvals and finalising financing arrangements, is expected on Nov 28, North Atlantic said in a statement.

In addition, Esso S.A.F. shareholders approved an extraordinary distribution of 60.21 euros per share, to be paid on Nov 14. The 85.18 euros price per share will be further reduced to 24.97 euros. (1 euro = RM4.80)

Assuming completion on Nov 28, North Atlantic and ExxonMobil have agreed to definitively settle, on a lump-sum basis, the price adjustments provided for in the Share Purchase Agreement and to set the final price per share to be paid to ExxonMobil at 26.19 euros.

On this basis, the price to be paid to Esso S.A.F.’s minority shareholders in the mandatory tender offer for the remaining shares that North Atlantic intends to file before the end of the year is set at 28.93 euros per share, representing a 10.46 per cent premium over the price per share paid to ExxonMobil.

As resolved at Esso S.A.F.’s Combined General Meeting on Nov 4, and subject to completion of the transaction, Esso S.A.F. will be renamed "North Atlantic Energies".

The company reaffirmed its commitment to a smooth transition, maintaining employment levels and existing compensation and benefits.

For nearly four decades, North Atlantic has been a market leader in the retail gas and convenience sector, as well as the residential, commercial, and wholesale fuel industries in Newfoundland and Labrador. Leveraging its expertise in acquiring and delivering exceptional products, the company serves both domestic and industrial sectors and caters to global clients through its marine bunkering distribution channels.

-- BERNAMA