Michelin reducing 2019 dividend to €2

Michelin intends to reduce the dividend it pays shareholders for 2019. The tyre maker has outlined its decision, taken “in a commitment to optimally balance the interests of all its stakeholders”, to reduce the amount of the proposed dividend from the initially-announced 3.85 euros to 2 euros. Payment is scheduled for 3 July 2020.

“Since the beginning of the crisis, the Group has taken all of the initiatives required to attenuate as much as possible the negative impact of the crisis on segment operating income and free cash flow. The Group has the financing sources and mechanisms in place to deal with the uncertainty surrounding the crisis,” shares Michelin in a statement.

Further details will likely be discussed at length at this year’s Annual Shareholders Meeting, which will take place on 23 June. As may be expected in the topsy-turvy world of 2020, Michelin shareholders aren’t actually invited to attend the event. They will nevertheless be able to follow proceedings via a video conference broadcast on the michelin.com website. The tyre maker encourages shareholders to vote remotely ahead of the meeting.