Michelin implements partial share buyback management agreement

An investment services provider has been called upon to implement the share buyback programme authorised by Michelin at its Annual Shareholders Meeting on 17 May 2019. An agreement to this effect was signed on 7 January 2020.

Under the terms of the agreement, the investment services provider will sell to Michelin a “certain number” of Compagnie Générale des Établissements Michelin shares, up to a maximum value of 100,000,000 euros. Michelin will buy these shares between 8 January and 19 November 2020 at an average price that will 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 17 May 2019 or by the corresponding resolution to be approved by the Annual Shareholders Meeting scheduled for 15 May 2020.