Michelin Cuts Proposed Dividend, Schedules Online Annual Shareholder Meeting
Michelin SA said Wednesday that it will reduce its proposed dividend and hold its annual shareholders meeting behind closed doors in June, as the coronavirus pandemic spreads.
The French tire maker proposed reducing its dividend to EU(Nyheter)R2 from EUR3.85, with a payment schedule of July 3.
Michelin’s annual shareholder meeting will be held on June 23 without shareholders attending in person though they will have access to an online broadcast.
“The group has the financing sources and mechanisms in place to deal with the uncertainty surrounding the crisis,” the company said in a statement, adding that these decisions follow the government measures requiring citizens to stay indoors.