May 28 (Reuters) - Energy major ExxonMobil ( XOM ) has

entered into exclusive negotiations with the French unit of

Canadian energy group North Atlantic to divest its

majority-owned French subsidiary Esso.PA>, it said on

Wednesday.

The sale is expected to take place in the last quarter of

this year, at a price of 149.19 euros ($168.82) per Esso share

before distributions, or 32.83 euros after distributions, Esso

said in a statement.

Those include an additional distribution of up to 63.36

euros per share ExxonMobil ( XOM ) 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.

($1 = 0.8842 euros)