North Atlantic France SAS said on 29 October 2026 that it would raise the price of its mandatory simplified tender offer for the minority shares of North Atlantic Energies, the former Esso S.A.F., to €75 a share from €28.93.
Why North Atlantic France SAS is buying North Atlantic Energies (formerly Esso S.A.F.) – minority shares not already held
The bidder said the increase follows in-depth discussions with Ledouble SAS, the independent expert, whose opinion on the fairness of the financial terms will form part of the offer documentation.
Deal terms and financing
The cash offer covers the shares North Atlantic France does not already own; it holds 82.89%, acquired from ExxonMobil at €26.19 a share. North Atlantic France reaffirmed its 8 June 2026 statement that it would not request a squeeze-out, so minority shareholders may keep their shares.
Regulatory approvals and timing
The offer is to be filed with the Autorité des marchés financiers during November 2026 and will open once the AMF has issued its compliance decision. The North Atlantic Energies board will issue a reasoned opinion after reviewing the Ledouble report, on the proposal of an ad hoc committee.
Market context
North Atlantic completed its purchase of ExxonMobil's controlling stake on 28 November 2025, when Esso S.A.F. was renamed North Atlantic Energies. Minority shareholders had contested the original €28.93 price as far too low.
