On 19 March 2018, Michelin announced that it had reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued share capital of Fenner PLC. It is intended that the Acquisition will be implemented by means of a Court-sanctioned scheme of arrangement.

At the time of the above announcement, Michelin had entered into a committed credit facility with Morgan Stanley, in order to secure funds for the Acquisition. Michelin announces that it has on 6 April 2018 entered into a new committed credit facility with Crédit Agricole Corporate and Investment Bank which replaces the Initial Facility. Consequently, Michelin has given notice of termination of the Initial Facility, which terminated on 6 April 2018.

All terms and conditions of the Acquisition remain unchanged. The cash consideration payable by Michelin under the terms of the Acquisition will be funded from debt to be provided under a £1.2 billion facility Bridge Credit Agreement.

Morgan Stanley, in its capacity as financial adviser to Michelin in relation to the Acquisition, confirms that it is satisfied that resources are available to Michelin to satisfy in full the cash consideration payable under the terms of the Acquisition.