ExxonMobil to sell French subsidiary Esso to Canadian energy group
Energy major ExxonMobil 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 today.
The sale is expected to take place in the last quarter of this year, at a price of €149.19 per Esso share before distributions, or €32.83 after distributions, Esso said in a statement.
Those include an additional distribution of up to €63.36 per share ExxonMobil aims for Esso to make prior to completion of the transaction, Esso said.
Exxon is currently the majority shareholder in Esso, with a 82.89% stake, which it plans to divest entirely.
Following the acquisition, North Atlantic would make a mandatory takeover bid for the remaining shares of Esso on the same financial terms as the initial offer, Esso said.
It said that the tender offer is expected to be filed in the first quarter of 2026.
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THE gift of a tree to mark the birth of daughter number four sowed the seed that led to Gill and Jack Hornibrook buying Carewswood House in Castlemartyr 29 years ago. At the time the couple was running a business set up by Gill, Glendonagh Nursing home, in a period house in Dungourney. 'Neil Williams [the late owner of Carewswood House and Garden Centre] called after the birth of Rachel and he brought a tree to plant at Glendonagh, where we lived at the time. 'He told us that himself and Sonia (his wife) were selling Carewswood, that it had become too big for them, and he said 'We think you and Jack would be a great fit'.' As Gill was a keen gardener and Jack's background was in building and property development (Cork-based Hornibrook Builders) the notion of taking on a large period home on 40 acres, plus landscaped grounds, garden centre and cafe, while continuing to operate a nursing home, and a flower shop in Midleton, in between the business of raising four children, seemed, well, entirely manageable. Front view of Carewswood House Incredibly, the dynamic duo pulled it off. For years, they ran multiple businesses, before eventually leasing out the garden centre, which they sold in recent years to a couple that had made a very good fist of it while leasing it out. 'Daniel (Leahy) and Juulika (Lomp) are a fab couple, and they love it as much as we do. You just don't get walled gardens like that anymore, unless it's a top class property,' Gill says. Carewswood House is, inarguably, a top-class property. 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'We can all stroll down to the café,' Gill says. While Gill was the green-fingered half of the couple, Jack oversaw any building work. 'We'd the best of both worlds. I had the ideas and he had the people to implement them,' Gill says. She adds that the 'two greatest additions we made' were a beautiful, vaulted, south-east facing garden room, reached via French doors from the kitchen, and a front porch, with portico and columns, that faces south. Beautifully bright hallway Tasteful sunroom off the kitchen The delightfully bright porch 'When we bought the house, two big teak doors made the hallway very dark. Now, it's a wonderfully bright space.' A home bar and lounge area were added after Gill created space by removing a hidden backstairs. It had been concealed inside a suspiciously thick wall which Gill convinced one of Jack's workmen to saw through. Home bar was a terrific entertainment space 'When we sawed through, we found the stairs, so we took it out and fitted a bar,' Gill says. 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