Michelin announces employee share offer
Michelin says it wants its employees to be “more closely associated with the Group’s future growth and development”, and therefore the company is carrying out an offering of shares reserved for current employees of the company and those companies in which Michelin holds at least 50 per cent share capital. The share offer will be conducted in accordance with the conditions set out in the French Labor Code and the French Code of Commerce and is open to employees who are members of the Plan d’Epargne Groupe (Group Savings Plan).
The offering subscription period runs from 4 November to 18 November. Michelin is offering a share capital of €374,368,640. The shares on offer are those acquired by the company through its repurchase programme as authorised by the seventh resolution of the Shareholder’s Meeting of 17 May 2013.