Sanofi has launched a stock purchase plan for its employees to connect them with its future development of the company.
On Thursday, the French company announced the launch of “Action 2017”, which will take place in approximately 80 countries.
According to Sanofu, the subscription price is €70.01. It is equal to 80 % of the average of the opening price of the Sanofi share on Euronext Paris over the 20 stock exchange trading sessions preceding June 14, 2017. Any subscription per five shares as part of such issuance shall entitle the employee to one matching share. Subscriptions equal to or higher than 20 shares shall give right to 4 matching shares as an employer contribution. Employees may choose to subscribe a maximum of 1,500 shares within the limit of a maximum subscription amount which does not exceed 25% of their gross annual remuneration, Sanofi has explaiend.
The issuance of new shares and the share delivery process should occur at the end of July 2017.
The company said the total number of shares that may be issued under the plan is limited to 6,460,111 shares (corresponding to a share capital increase in terms of par value of up to €12,920,222, representing 0.5 % of the share capital).