Exxon Enters Talks to Sell French Business for €400 Million (2)

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 complete, the deal would significantly diminish Exxon’s presence in France, after the company announced last year that it would shut down 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.

The final acquisition price, which includes a significant amount of cash on Esso’s balance sheet, ...