Michelin to purchase additional SIPH shareholding

Michelin intends to acquire all shares in Société Internationale de Plantations d’Hévéas (SIPH) not already owned by itself or Ivory Coast-based company SIFCA. It is launching a public buyout offer on 7 November, offering 85 euros per share. This buyout offer is being made exclusively in France and will be followed by a squeeze out.

At present, Michelin holds a 36.01 stake, or 1,822,344 SIPH shares. SIFCA possesses a 55.59 per cent stake, or 2,813,410 shares. Michelin is looking to acquire the remaining 8.40 per cent stake, a total of 425,036 shares.