Michelin implements partial share buyback programme
Compagnie Générale des Etablissements Michelin has called on the assistance of an investment services provider for the implementation of its share buyback programme as authorised during the tyre maker’s Annual Shareholders Meeting of 22 May 2015.
Under the terms of the agreement signed on 8 January 2016, the parties agree that the investment services provider will sell a certain number of Compagnie Générale des Etablissements Michelin shares, representing a maximum of 150 million euros, to Compagnie Générale des Etablissements Michelin, which undertakes to buy them, between 11 January 2016 and 15 June 2016, 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 may not exceed the maximum purchase price approved by the Annual Shareholders Meeting of 22 May 2015 or, if the shareholders adopt a new share buyback resolution at the 2016 Annual Shareholders Meeting, the maximum purchase price specified in said resolution.
All of the shares bought back under the Agreement will be cancelled.