We represent Candel & Partners, a minority shareholder holding approximately 2% of Esso S.A.F., in connection with the public offer launched by North Atlantic France following the acquisition of the controlling stake previously held by ExxonMobil. Serious concerns have been raised regarding the terms of the transaction, including the adequacy of the offer price and the level of information provided to the market.
According to our client, the proposed offer price fails to reflect the company's adjusted net asset value and may underestimate the intrinsic value of its assets, particularly in light of certain intra-group arrangements and the parallel divestment of a structurally loss-making affiliate. Additional concerns relate to the timing and transparency of the transaction, as well as the role of directors holding concurrent positions within the ExxonMobil group, which may give rise to an alleged conflict of interest.