Daily News: April 9, 2018

Credit Agricole Replaces Morgan Stanley in Michelin Buy


Michelin terminated its previously announced credit facility with Morgan Stanley to support the acquisition of Fenner and entered into a new commitment with Credit Agricole.

Consequently, Michelin gave notice of termination of the initial facility, which terminated on April 6, 2018.

All terms and conditions of the acquisition remain unchanged.

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.