Michelin has amended its partial share buyback scheme in regards to its term and maximum limit, according to a Tyres & Accessories report.
In May 2014, the global tiremaker said that it would implement a partial share buyback scheme to acquire up to one million Compagnie Générale des Établissements Michelin shares.
Under the changed terms, a Michelin-appointed investment service provider will now sell an unspecified number of Compagnie Générale des Établissements Michelin shares, representing a maximum amount of €75 million instead of a maximum of one million shares. The shares will be sold until Sept. 30, 2015, rather than the previously announced date of Nov. 27, 2015.
Tyres & Accessories reported that all of the shares bought back under the agreement will be cancelled.