Michelin: Implementation of a partial share buyback management agreement
Clermont-Ferrand- March 01, 2024
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
Implementation of a partial share buyback management agreement
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN has called on the assistance of two Investment Services Providers for the implementation of its Share Buyback Program as authorized by the Shareholders Meeting of May 12, 2023.
Under the terms of the Agreements signed on February 29, 2024, the parties agree that the Investment Services Providers will sell a certain number of COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN shares, representing a maximum of €500,000,000, to COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN, which undertakes to buy them, between March 01, 2024 and November 21, 2024, at an average price to 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 Shareholders Meeting of May 12, 2023 or, if the shareholders adopt a new share buyback resolution on May 17, 2024 Shareholders Meeting.
All of the shares bought back under the Agreement will be cancelled.
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DISCLAIMER
This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.
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