Michelin implements partial share buyback management agreement
At its Annual Shareholders Meeting on 16 May 2014, Michelin authorised a partial share buyback scheme, and now it is utilising an investment services provider to meet “certain objectives” of what it calls its “Share BuyBack Program”. Under the terms of the agreement signed on 9 January, Michelin has given the investment services provider the green light to sell up to one million Compagnie Générale des Établissements Michelin shares to Compagnie Générale des Établissements Michelin. These shares will be purchased between 12 January 1, 2015 and 27 November 2015, at an average price to be determined objectively and independently by the market over the duration of the agreement, less a guaranteed discount.
The price of these shares sold may not exceed the maximum purchase price approved at the 2014 Annual Shareholders Meeting or if the shareholders adopt a new share buyback resolution at the 2015 Annual Shareholders Meeting, the maximum purchase price specified in said resolution. All of the shares bought back under the agreement will be cancelled.