Up to a million shares to be acquired in Michelin buyback
Michelin says it has implemented a partial share buyback scheme and under this will acquire up to one million Compagnie Générale des Établissements Michelin shares. The company says it has “called on the assistance of an Investment Services Provider to meet certain objectives” of the share buyback programme authorised at Michelin’s Annual Shareholders Meeting on 17 May 2013.
Under the terms of an agreement signed on 28 April 2014, the Investment Services Provider will sell up to 1,000,000 Compagnie Générale des Établissements Michelin shares to Compagnie Générale des Établissements Michelin, will buy them by 26 November 2014 at an average price to be determined by the market over the duration of the agreement, less a guaranteed discount. Michelin says the price may not exceed the maximum purchase price approved by the Annual Shareholders Meeting of 17 May 2013 or, if the shareholders adopt the fifth resolution to be tabled at the Annual Shareholders Meeting of 16 May 2014, the maximum purchase price specified in that resolution.
All of the shares bought back under the agreement will be cancelled, adds Michelin.