CLERMONT-FERRAND, France (May 20)—The second phase of Groupe Michelin's employee shareholding plan has ended, with 69 percent of the firm's 113,000 employees worldwide opting to buy shares in the company. On average, each subscriber applied for 30 shares, Michelin said, or 3.3 million in all, leaving 2.7 million of the shares set aside still available. The 3.3 million shares represent about 2.4 percent of Michelin's publicly traded shares, a level Michelin said put it "in the upper echelons of the industrial sector, in terms of employee interest in company capital." Michelin's objective was to enable as many employees as possible to become shareholders. The two phases took place in 69 countries; the first phase took place in April 2002.
Michelin completes second phase of employee shareholding plan
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