Shareholders of Esso S.A.F., the French subsidiary of ExxonMobil, voted in favour of its sale to North Atlantic during a general meeting held in Rueil-Malmaison. The transaction includes a name change for the company, which will become North Atlantic Energies if the deal is completed.
The approval was widely anticipated, as ExxonMobil holds 82.98% of Esso S.A.F.’s capital, guaranteeing a comfortable voting majority. Esso France Chief Executive Officer Charles Amyot stated that only resolutions put to vote would be addressed, avoiding questions about industrial strategy or post-sale prospects.
Dual acquisition including ExxonMobil Chemical France
The deal announced in late May involves not only Esso S.A.F. but also ExxonMobil Chemical France (ECMF), which is in a more fragile financial position. Some minority shareholders raised concerns that the inclusion of ECMF could lower the overall valuation of the transaction.
In response to criticism voiced during the meeting, Esso France’s management reminded attendees that an independent expert had been appointed in early October to assess the financial terms of the potential public offer by North Atlantic. No precise timetable has yet been disclosed regarding this potential takeover bid.
Special dividend and shareholder returns
Alongside the transaction approval, a €774mn ($825mn) special dividend will be distributed on 12 November, representing €60.21 per share. This follows a previous distribution in July of €681mn (€53 per share) for the 2024 fiscal year.
In 2023, shareholders received €193mn (€15 per share), and €26mn in 2022 (€2 per share), totalling €900mn in recent distributions. With the upcoming payment, the combined total will exceed €1.67bn ($1.78bn), reflecting a notably high return policy in the context of the sale.
Industrial implications to monitor
North Atlantic, a Canadian entity, claims expertise in converting industrial sites. According to materials shared during the meeting, the project may involve transforming existing facilities, though no details were provided regarding potential operational changes or workforce plans.
The Canadian group has not yet disclosed the scale of investments planned following completion of the transaction. Esso France also declined to share additional information on governance or long-term outlook after the change in majority ownership.
