Announcement expected on Wednesday. Stay tuned for those interested.
“This is the end, my only friend, the end”... 😀
27 replies (most recent on top)
@zm retirement ready, just hanging around for package. If sale and no package at least the decision is made for me… just enjoy early retirement lah
@z9 lol you really think it would be better on the outside, without EM?
next stop Singapore 🤞 pray get us out of this sh-tshow
The divestment of Fawley is next up in Europe. North Atlantic may bid for Fawley by the end of 2026.
selling is way better than laying off, next stop, singapore
Why do the posters here seam to hate Jim Morrison ? I think maybe because they have iPhones that can’t replicate on Spotify the True Tone’s of 33 LPs maybe? It’s ok … but I will stay say they can F off if they don’t understand the literary genius required
@hg
Why keep Rotterdam and Antwerp? That's a lot of overhead cost to just run two plants in the region...
Our ambition for Gravenchon
North Atlantic has been a key player in Atlantic Canada’s energy sector for nearly 40 years, with a strong track record of transforming industrial sites into high-performing, future-ready facilities. As a values-driven organization, we have earned the trust of labor, local communities, and government partners. We would bring this same commitment to France, where we aim to be a long-term, responsible owners—aligned with France’s priorities for energy security, industrial resilience, and decarbonization.
The Gravenchon complex is a world-class industrial asset. It has consistently achieved top-quartile performance within the European refining sector and is well-positioned to support the ongoing energy transition.
The site has benefited from ExxonMobil’s experienced stewardship to operate successfully for decades – a testament to its quality and potential. North Atlantic’s goal is to build on that legacy through investment and bringing our entrepreneurial agility and operational focus to increase capacity and unlock even greater value from the site.
North Atlantic aims to anchor a broader green energy hub at Gravenchon, leveraging its infrastructure to accelerate deployment of low-carbon fuels and renewable power. The site is well-suited for co-locating energy-intensive industries like AI data centers (a key priority for France), enhancing efficiency and sustainability.
North Atlantic’s operations in Eastern Canada and Saint Pierre and Miquelon will create natural synergies with Gravenchon, maintaining strong utilization rates and supporting trade diversification.
The completion of the sale will remain subject to the satisfaction of regulatory conditions precedent. The proposed sale is expected to close in 4Q 2025.
https://northatlantic.ca/france/
Kudos to the OP for sharing this news ahead of today, respect!
Oh yes I’m sure keeping the FCCU down for several months following IE24 really going to help Fawley’s case, oh yes
Just gotta get FAST right bro then it’ll all be okay bro then the likes of Dazza and rest of the board going to love us again bro trust me bro
@h5 Yes, they still control the refinery in Come-By-Chance and have offices in St. John's.
It’s sad and unfortunate to see such sales/closures occurring in France and the rest of Europe. And it will continue to happen unless some entity (government or the entitled union steps in).
The regulations, plentiful employee benefits and many strikes will help/protect employees in the short term. But these regulations will eventually prove too costly for businesses and they will exit. In the end, these same employees will lose out on their livelihoods. Their cities (like the industrial Le Havre) will crumble.
How can you run a facility where you are not allowed to have overtime (you will therefore need to hire more headcount and thus balloon your payroll)? How can you have a regulation that prevents emails from being delivered during off hours…especially if your in a global company???
And when you have countries (China, India etc) , willing and eager to take on manufacturing at a quarter of the price, it becomes a no brainer.
This is the beginning of end unless France/Europe wakes up.
ExxonMobil to sell French subsidiary Esso to Canadian energy group
5/28/2025 1:00:00 PM
Employees to remain on same employment terms.
Esso brand will remain at retail fuel stations.
Chemical, Lubes and Specialty Products will continue to be marketed in France.
ExxonMobil France Holding has entered into exclusive negotiations with North Atlantic France SAS for both the proposed sale of its 82.89% majority shareholder interest in Esso Société Anonyme Française SA as well as the proposed sale of ExxonMobil Chemical France SAS.
With the exception of those part of the previously announced redundancy plan, all of the approximately 1,350 employees in France will be retained and remain on the same employment terms and conditions.
The acquisition price of the Controlling Stake would correspond to a price of €149.19 per Esso SAF share before any distribution by Esso SAF, or a price of €32.83 per share, assuming a total distributed amount of €116.36 per share before the completion of the proposed acquisition (see below) and before application of the adjustments described below.
This price per Esso SAF share was set on the basis of an amount of cash as of December 31, 2024 not yet distributed equal to €1,495,716,000 and a base price for 100% of Esso SAF shares equal to €422,000,000.
This acquisition price would be subject to the following adjustments (based on 100% of the capital):
a downward adjustment to the amount of cash that Esso SAF would distribute before the completion of the Controlling Stake sale transaction (see below);
an upward adjustment by a “ticking fee” mechanism corresponding to the amount of interest calculated (i) on a first basic amount of €362,000,000 at the European short-term interest rate (€STR) increased by 2% per year between March 2, 2025 and the date of completion of the transaction, and (ii) on a second basic amount of €950,000,000 at the rate of 2.40% per year between March 2, 2025 and the date of completion of the transaction;
a downward or upward adjustment to reflect changes in the value of Esso SAF's inventories, in an amount equal to the difference between the value of ten million barrels of crude oil as of December 31, 2024 and the price of that same number of barrels of crude oil on the date of completion of the transaction.
The price of the sale of the activities and assets to be sold by Esso SAF as part of the carve-out described below would increase the amount of available cash of Esso SAF and will be taken into account in the adjustments described above.
The final price for the acquisition of the Control Block would be definitively fixed before the completion of this transaction and will be the subject of public information in due course.
Given the level of excess cash available, ExxonMobil has agreed to use its reasonable efforts to ensure that Esso SAF makes, prior to the completion of the transaction, an additional distribution of up to €63.36 per Esso SAF share (in addition to the distribution of a dividend of €53 per Esso SAF share submitted to the Ordinary General Meeting convened on June 4, 2025 and to be paid - subject to approval by said meeting - on July 10, 2025).
The parties have also informed Esso SAF that members of the ExxonMobil group are expected to acquire certain trademarks and other intellectual property rights that are part of Exxon Mobil Corporation's overall brand portfolio and are currently held by Esso SAF for historical reasons, as well as the lubricants and specialty products marketing businesses currently operated by Esso SAF. As indicated above, the price paid for these transactions will increase Esso SAF's available cash flow and will be reflected in the price adjustments described above.
Esso SAF has also been informed of ExxonMobil's intention to sell its entire stake in ExxonMobil Chemical France SAS ("EMCF") to North Atlantic.
The proposed transaction will be submitted to the competent staff representative bodies in accordance with applicable legal provisions.
If the definitive transaction documents are signed, the completion of the acquisition of the Controlling Stake would be subject to obtaining certain regulatory authorizations as well as the finalization of certain financing agreements, and is expected to occur during the last quarter of 2025.
Following the completion of the sale of the Controlling Block, Esso SAF is contemplated to enter into long-term agreements with certain ExxonMobil affiliates, including (i) certain agreements to ensure the continuity of crude oil supply to the site, the continued purchase and sale of raw materials and manufactured products (fuels, lubricants and specialty products) with ExxonMobil affiliates and (ii) certain intellectual property agreements for the continued operation of the refinery units and the marketing of gasoline under the Esso brands in France.
In accordance with applicable laws, following the proposed acquisition of the controlling interest in Esso SAF, North Atlantic would file a mandatory tender offer for the remaining shares of Esso SAF on the same financial terms as the block acquisition (the “Offer”). If the legal conditions are met at the end of the Offer, North Atlantic would request the implementation of a squeeze-out procedure. The tender offer is expected to be filed during the first quarter of 2026.
In this context, the Board of Directors of Esso SAF should issue a reasoned opinion on the Offer and its consequences for Esso SAF, its shareholders and its employees. This reasoned opinion would be issued in light of the report of an independent expert appointed by the Board of Directors, which would include an opinion on the price offered in the context of a possible mandatory squeeze-out.
Esso SAF has acknowledged the proposed transaction, including North Atlantic's intention to maintain employment, existing compensation, and benefits, and is ready to work with North Atlantic, employee representative bodies, and all relevant parties. Esso SAF remains fully committed to continuing to operate in a safe and reliable environment and to continuing to supply its customers without interruption.
“ExxonMobil has been operating in France for over 120 years and we plan to maintain a significant commercial presence with the Esso brand at around 750 retail sites across the country,” said Tanya Bryja, senior vice president of ExxonMobil Product Solutions. “France remains an important market for us, and we will continue to support customers with sales of chemicals, finished lubricants, base stocks, synthetics, and other specialty products as well.”
“This is a pivotal moment for North Atlantic as we enhance our transatlantic presence and commitment to energy security through innovative energy solutions aligned with global energy needs,” added Ted Lomond, President and CEO of North Atlantic. “We are eager to consolidate Gravenchon’s role as a vital center of French energy and industry for decades to come and grow North Atlantic into a premier transatlantic energy company.”
ExxonMobil continually evaluates its business globally and the proposed sale is aligned with its business strategy.
Europe is an important region for ExxonMobil where there will continue to be a meaningful presence.
Esso S.A.F. and ExxonMobil Chemical France remain fully committed to continuing safe, reliable operations in France and to meeting all supply obligations for their customers through the transition.
The contemplated transaction will be submitted to the relevant employees’ representative bodies, in accordance with French law. Completion of the acquisition of the 82.89% interest in Esso S.A.F. and 100% of EMCF is subject to the satisfaction of customary regulatory conditions precedent and finalization of certain financial arrangements and is expected to occur in the fourth quarter of 2025.
https://www.hydrocarbonprocessing.com/news/2025/05/exxonmobil-to-sell-french-subsidiary-esso-to-canadian-energy-group/
@he Yep... All EM shares in the French affiliates (petroleum and chemical businesses) will sold to the buyer. However, contrary to what happened in Italy, the Esso-branded service stations and the other fuels businesses will remain (along with the lubes one). I guess there must be an agreement to allow the buyer (North Atlantic) to use the Esso and Mobil trade marks.
@he+1jw736fnf Nonsense.
Rotterdam and Antwerp will be retained as the only main operating sites in Europe.
UK business is already sold, will be announced when appropriate for completion 1q26.
@dr Nothing left unless we misread the news clipping.
Next up, Rotterdam and then Fawley.
Canada better proactively put up for sale signs before someone makes them do it...
Anybody has information about this North Atlantic company? Do they still have any interest in the Newfoundland refinery ?
@g8 Merci mon ami.
Merry Christmas Port Jerome - Gravenchon refinery, lube blending plant, etc.
Exxon Mobil to sell French subsidiary Esso to Canadian energy group
By Reuters
May 28, 20253:31 AM CDT
May 28 (Reuters) - Energy major ExxonMobil (XOM.N), opens new tab 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.
https://www.reuters.com/business/energy/exxon-mobil-sell-its-stake-frances-esso-2025-05-28/
Au Revoir, PJG:
https://www.reuters.com/business/energy/exxon-mobil-sell-its-stake-frances-esso-2025-05-28/
I will miss the industrial tourism to Le Havre.
@ab
it was the mid 2000s when I first visited HQ in Fairfax ...
all men wore shirts cut in the shape of an HEB grocery bag,
chinos were pulled up all the way to the belly button,
and every body was wearing the same black dress loafers, polished like a mirror ...
back then Aggie rings were not yet that prevalent
Happy Liberation day for the French
@dr+1jw736fnf Depends on your perspective, I consider that little... It's all relative.
Equally, any business shrinking isn't in a great shape... So this is another case of selling the country to someone who wants it is best for those people at the assets.
@am well... After selling the Fos refinery and shutting down most of the chemical business at Port-Jerome-Gravenchon (steamcracker, PE, PE, resins), there's still in France the PJG refinery and lubes blending plant, a fuels commercial business e associated fuels business, a lubes blending plant and a couple of chemical specialties units. Not what it used to be, but something still significant. What will be left of this? We'll see...
John m Morrison was a disturbing freak
This is awesome OP post … but replies need to google the Doors and Jim Morrison to understand the rest of the lyrics…
Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I'll never look into your eyes again
Can you picture what will be?
So limitless and free
Desperately in need
Of some stranger's hand
In a desperate land
Lost in a Roman wilderness of pain
And all the children are insane
All the children are insane
Waiting for the summer rain, yeah
There's danger on the edge of town
Ride the King's Highway, baby
Weird scenes inside the gold mine
Ride the highway west, baby
Ride the snake, ride the snake
To the lake, the ancient lake, baby
The snake, he's long, seven miles
Ride the snake
He's old and his skin is cold
The west is the best
The west is the best
Get here and we'll do the rest
The blue bus is calling us
The blue bus is calling us
Driver, where you taking us?
The ki-ler awoke before dawn
He put his boots on
He took a face from the ancient gallery
And he walked on down the hall
He went into the room where his sister lived, and then he
Paid a visit to his brother, and then he
He walked on down the hall, and
And he came to a door
And he looked inside
"Father?"
"Yes, son?"
"I want to ki-l you"
"Mother, I want to..."
Come on baby, take a chance with us
Come on baby, take a chance with us
Come on baby, take a chance with us
And meet me at the back of the blue bus
Doin' a blue rug, on a blue bus, doin' a
Come on, yeah
Not much Exxon business remains in France already...!
It was the mid-nineties when I last visited the offices outside Paris.
They still served wine during lunch.
Ties were wide and tight to the throat.
Texans are awkward colonists.