Exxon (XOM) Enters Exclusive Talks to Sell Most of Its French Business
Exxon Mobil Corp. entered exclusive talks to sell its entire 82.89% stake in French unit Esso SAF, including a key refinery, to North Atlantic France SAS for about €400 million ($350 million).
If completed, the deal would significantly diminish Exxon's presence in France, after the company announced last year that it would shut down Bloomberg Terminal part of its petrochemical operations in the country. The moves highlight the challenges faced by Europe to keep energy-intensive industries running amid regulations to curb greenhouse gas emissions and international competition.
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