In measures aimed at enhancing “shareholder-friendly management”, Hankook Tire intends to buy back around KRW 50 billion (£34 million) of its shares over the coming six months and will also “sharply expand” the size of its dividends. In addition, the tyre maker will form a support group for external directors and implement an electronic voting system.
At an investor day held at the Michelin Group’s Almeria Test Center in Spain, managing general partner Florent Menegaux announced the launch of a new share buyback plan. Michelin is setting aside up to 500 million euros for this purpose between 2019 and 2023.
The partial share buyback scheme authorised at Michelin’s Annual Shareholders Meeting on 16 May 2014 and announced and further reported in January 2015 has been amended in regards to its term and maximum limit. Under these changed terms, a Michelin-appointed investment service provider will now sell an unspecified number of Compagnie Générale des Établissements Michelin shares, representing a maximum amount of €75 million instead of a maximum of one million shares, as originally announced. The shares will be sold until 30 September 2015, rather than the previously announced date of 27 November 2015.
The Board of Directors at Cooper Tire & Rubber Company has authorised the repurchase of up to US$200 million of the company’s outstanding common stock between now and 31 December 2016. The tyre maker says shares “will be repurchased from time to time, based on market conditions and will be executed through open market purchases, privately negotiated purchases or otherwise.”
At its Annual Shareholders Meeting on 16 May 2014, Michelin authorised a partial share buyback scheme, and now it is utilising an investment services provider to meet “certain objectives” of what it calls its “Share BuyBack Program”. Under the terms of the agreement signed on 9 January, Michelin has given the investment services provider the green light to sell up to one million Compagnie Générale des Établissements Michelin shares to Compagnie Générale des Établissements Michelin. These shares will be purchased between 12 January 1, 2015 and 27 November 2015, at an average price to be determined objectively and independently by the market over the duration of the agreement, less a guaranteed discount.
Michelin says it has implemented a partial share buyback scheme and under this will acquire up to one million Compagnie Générale des Établissements Michelin shares. The company says it has “called on the assistance of an Investment Services Provider to meet certain objectives” of the share buyback programme authorised at Michelin’s Annual Shareholders Meeting on 17 May 2013.
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