Michelin cancelling 4.7 million treasury shares

Compagnie Générale des Etablissements Michelin intends to cancel 4,695,964 of its treasury shares, a figure that represents 2.5 per cent of the total shares outstanding. This course of action is being undertaken based on the decision made by chief executive officer Jean-Dominique Senard on 11 December and the ninth resolution reached at the company’s 2015 Shareholders Meeting on 22 May.

The effective date of the resulting capital reduction is 17 December 2015. Following the capital reduction, Michelin’s issued share capital will consist of 182,109,461 shares, as indicated in the Euronext notice dated 14 December 2015.