Michelin cancels 1 million treasury shares

Michelin has announced that the company has reduced its capital through the cancellation of 1,010,336 treasury shares. The move follows a decision attributed to the chief executive officer on 27 October and, according to the company, is pursuant to 20th resolution of the firm’s (Compagnie Générale des Etablissements) 16 May 2014 shareholders meeting.

The 1,010,336 treasury shares represent 0.54 per cent of Michelin’s total shares outstanding. The share cancellation will have the effect of reducing the capital by 2,020,672 euros to 370,955,280 euros represented by 185,477,640 shares. The effective date of the resulting capital reduction is 4 November 2014.