Michelin asks employees to raise Euro 288 million in share issue

ERJ staff report (DS)

Clermont-Ferrand -- The Compagnie Générale des Etablissements Michelin is carrying out a capital increase reserved for the current and former employees. The total sum involved is Euro 288 million. The subscription period will take place from May 12, 2008 to May 30, 2008

The newly-issued shares will be listed on the Euronext exchange from June 25 2008. Members of the relevant Michelin employees scheme will be able to buy the shares at Euro 51 each, which represents a discount of about 20 percent compared to the current share price.

Michelin's employee share ownership plan has a 69 percent take-up rate. Out of a workforce of 126 000 people, 113 000 staff are eligible).

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Press release from Michelin