Four-for-one split for Michelin shares

Shareholders at the Annual Meeting of Compagnie Générale des Établissements Michelin on 13 May voted in favour of splitting the par value of the Michelin share into four. Michelin explains that this decision is linked to the 66 per cent rise in the share price between 31 December 2018 (€86.70) and 31 December 2021 (€144.15).

The stock split will take effect at the start of trading on 16 June 2022, with the following characteristics:

• For each existing share with a par value of €2.00 held on that date, shareholders will receive four new shares with a par value of €0.50 in exchange, and the total number of shares making up the capital will be multiplied by four;
• Michelin shares will be traded based on the opening price on 16 June 2022 divided by four;
• the maximum purchase price per share under the share buyback program authorised by the Annual Meeting of 13 May 2022 will be reduced from €220.00 to €55.00.Michelin states that this transaction will have no impact on the double voting rights attached to the shares under the conditions set out in the company’s bylaws. It will not incur any costs or formalities for Michelin’s shareholders and will not impact their rights in any way.