Michelin : Implementation of a partial share buyback management agreement

Implementation of a partial share buyback management agreement

Compagnie Générale des Établissements Michelin has called on the assistance of an Investment Services Provider for the implementation of its Share Buyback Program as authorized by the Annual Shareholders Meeting of May 17, 2019.

Under the terms of the Agreement signed on January 7, 2020, the parties agree that the Investment Services Provider will sell a certain number of Compagnie Générale des Établissements Michelin shares, representing a maximum of €100,000,000, to Compagnie Générale des Établissements Michelin, which undertakes to buy them, between January 8, 2020 and November 19, 2020, 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 May 17, 2019 or by the corresponding resolution to be approved by the Annual Shareholders Meeting to be held on May 15, 2020.

All of the shares bought back under the Agreement will be cancelled.

• 01/07/2020|PDF - 95.79 Ko
  Implementation of a partial share buyback management agreement