North Atlantic France said on October 29, 2026, that it will increase the price of its planned mandatory North Atlantic offer for shares it does not already own in North Atlantic Energies to €75 per share, from an initially proposed €28.93.

Key Takeaways

  • The offer is expected to be filed with France’s market regulator during November 2026.
  • North Atlantic France reaffirmed that it will not request a squeeze-out as part of the offer.

North Atlantic offer awaits regulatory review

The offer has not yet been filed or opened. North Atlantic France said it will submit the documentation, including independent expert Ledouble SAS’s fairness opinion on the financial terms, to the Autorité des marchés financiers (AMF) for review.

The offer will open once the AMF has issued its compliance decision. North Atlantic France said the price increase followed in-depth discussions with Ledouble.

North Atlantic Energies maintains shareholder communications on the proposed offer, including an update issued in June 2026 and information about the change in majority ownership.

Majority stake acquired in 2025

North Atlantic France announced on November 28, 2025, that it had completed its acquisition of 82.89% of the share capital and voting rights of Esso S.A.F., now named North Atlantic Energies. The acquisition price was €26.19 per share.

The company had initially planned to offer €28.93 per share for the remaining shares. On June 8, 2026, it said it would not request a squeeze-out as part of the offer, a position it reaffirmed with the revised price.

Next milestone

The next confirmed step is the planned filing with the AMF during November 2026.

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