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Compagnie Generale des Etablissements Michelin SCA's Shareholders Approve FY 2012 Dividend with Reinvestment Option


Friday, 17 May 2013 08:01am EDT 

Compagnie Generale des Etablissements Michelin SCA announced that its shareholders at the Joint annual Meeting approved the payment of a 2012 dividend of EUR2.40 a share, with a reinvestment option. The price of the new shares issued to shareholders electing to reinvest their dividend was set at EUR 55.67 representing 90% of the average opening prices on the NYSE Euronext Paris stock exchange over the twenty trading days preceding the date of the Meeting, less the amount of the dividend. The issued shares will carry dividend rights from January 1, 2013 and rank pari passu with existing shares. The ex-dividend date is May 24. The reinvestment option may be exercised from May 24, 2013 until midnight June 11, 2013. After that date or if the shareholder elects not to reinvest, the dividend will be paid in cash. If the amount of the reinvested dividends does not correspond to a whole number of shares, the shareholder will receive the next lower number of shares and the balance in cash. The dividend will be paid or the shares settled beginning on June 24, 2013. The new Michelin shares will begin trading in Compartment A of the NYSE Euronext Paris exchange on June 24, on the same line as existing shares. 

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