ERJ staff report (DS)
Paris -- Michelin is to raise about â‚¬ 1200 million gross through a rights issue to existing shareholders. Each shareholder will receive one preferential subscription right for every share it holds as of the close of trading on 29 September 2010. The subscription price for the new shares has been set at â‚¬45 per new share (nominal value of â‚¬ 2 and issue premium of â‚¬43) on
the basis of 2 new shares for 11 existing shares.
Michelin expects to use the funds to fund accelerated growth, including capital expenditure of euro 1600 million per year from 2011.
Settlement and delivery of the new shares will take place on 25 October 2010 and they will start trading on that date.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release links from Michelin (only available to people in certain parts of the world)