Michelin Launches Capital Increase for Employee Ownership Plan

Date : 09/17/2018 @ 10:51PM
Source : Dow Jones News

Michelin Launches Capital Increase for Employee Ownership Plan

Michelin CGDEB (EU:ML)
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   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)

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