By Max Bernhard 
 

Compagnie Generale des Etablissements Michelin (ML.FR) said Monday that it will launch a capital increase as part of a new employee share-ownership plan.

The French automotive supplier will increase its capital up to a maximum of 600,000 shares at a subscription price at EUR82.31 ($95.66), translating to an increase of about EUR49.4 million.

The subscription price is equal to 80% the reference price, Michelin said.

Michelin shares closed at EUR103.10 on Friday.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

September 17, 2018 10:36 ET (14:36 GMT)