Michelin in €1.2 Billion Rights Offering

September 28, 2010

Cleary Gottlieb represented the underwriters, led by BNP Paribas as Global Coordinator and Joint Bookrunner, and Citigroup Global Markets Limited and Crédit Agricole Corporate & Investment Bank as Joint Bookrunners, of the €1.2 billion rights offering by Michelin that launched on September 28 and closed on October 25. The offering consisted of a public offering in France, Germany, Italy, Poland, Romania, Spain, Switzerland and the United Kingdom and private placements internationally (including by the issuer in the United States).

With 109,000 employees in 170 countries, Michelin is the worldwide leader in the tire manufacturing industry and has 72 production sites in 19 countries throughout five continents. Michelin intends to use the proceeds of the rights offering to finance the acceleration of its growth, enhance its credit rating and access to financing and generally reinforce its financial flexibility.