ExxonMobil has entered into exclusive negotiations with North Atlantic France SAS to divest its majority-owned French subsidiary, Esso S.A.F. The deal involves selling ExxonMobil France Holding's entire 82.89% stake in Esso.
The proposed transaction is valued at approximately €400 million ($350 million) for Exxon's share. The final price will be determined before the completion of the transaction, which is expected to close during the third quarter, subject to regulatory approvals.
This divestiture aligns with ExxonMobil's multi-year transformation strategy to enhance profitability and resilience by optimizing its value chain and high-grading its portfolio. It represents a significant reduction of its downstream footprint in Europe.
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