Michelin: updates funding for purchase of Fenner
(CercleFinance.com) - Michelin has announced that on 6 April it concluded a new confirmed credit facility with Crédit Agricole CIB, replacing its initial loan with Morgan Stanley, to secure the cash purchase of Fenner PLC shares.
On 19 March, the tyre maker announced an agreement on the terms of this acquisition recommended by Fenner's Board of Directors. The acquisition is expected to be carried out through a court-approved "scheme of arrangement".
Morgan Stanley, in its capacity as financial advisor to Michelin in relation the acquisition, confirms that it is satisfied with the availability of the necessary resources by Michelin to fully pay for the shares in cash.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
On 19 March, the tyre maker announced an agreement on the terms of this acquisition recommended by Fenner's Board of Directors. The acquisition is expected to be carried out through a court-approved "scheme of arrangement".
Morgan Stanley, in its capacity as financial advisor to Michelin in relation the acquisition, confirms that it is satisfied with the availability of the necessary resources by Michelin to fully pay for the shares in cash.
Copyright (c) 2018 CercleFinance.com. All rights reserved.