CLERMONT-FERRAND, France (Sept. 19, 2016) — Group Michelin is enacting a capital share increase totaling nearly $410 million that will be offered exclusively to its employees at a discount.
Michelin said it intends to issue up to 3.5 million new shares to employees at a subscription price of $85.82 (76.39 euros) per share, which represents a discount of 20 percent from the reference price. That reflects the average opening sahre price on the NYSE Euronext exchange for the 20 days preceding this offering.
The capital increase was authorized by shareholders at the tire maker's annual meeting on May 13.
The offer is open to all employees of Group Michelin units and members of Michelin's Group Savings Plan who have at least three months of employment, according to the company.
The shares will be subscribed directly by the employees, except in Hungary and in Colombia where they will be subscribed through investment vehicles.
The capital increase is proposed in the following countries: Argentina; Australia; Austria; Belgium; Brazil; Cameroon; Canada; Chile; China; Colombia; Czech Republic; Denmark; Ecuador; Finland; France; Germany; Greece; Hungary; Hong Kong; India; Indonesia; Italy; Japan; Malaysia; Mexico; Netherlands; Nigeria; Norway; Peru; Poland; Portugal; Romania; Serbia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Taiwan; Thailand; Turkey; United Arab Emirates; and the U.S.
Employees who acquire shares directly may exercise their voting rights individually at Michelin's shareholders' meetings, Michelin said.
For any question regarding this offering, beneficiaries can contact Michelin's human resources department or consult the firm's website.