Sanofi Launches Global Employee Share Ownership Plan
(RTTNews) – Sanofi has launched its global employee share ownership plan, which will open to 92,000 employees in 73 countries.
As of on Monday, the shares will be offered at a subscription price of 69.38 euros, which is equal to a 20% discount off the average of the 20 opening prices of Sanofi shares from May 6 to June 2, 2021.
In addition, for every five shares subscribed, employees will be able to receive one free share (up to a maximum of four free shares per employee). Each employee will be able to purchase up to 1,500 Sanofi shares within the legal limit of a maximum payment amount that does not exceed 25% of their gross annual salary, minus any voluntary deductions already made under employee savings schemes during the year 2021.
In 2020, the employee share ownership plan, open to around 90,000 employees in 72 countries, saw its overall uptake rate exceed 36%. More than 33,000 Sanofi employees chose to invest in the company, Sanofi said.
As of on Monday, about 90,000 current or former employees of the company are direct or indirect shareholders of Sanofi, and hold about 2.8% of its capital.
Eligible staff will be able to subscribe shares from 7 June 2021 to 25 June 2021. The issue is expected to be completed and the delivery of the securities carried out by the end of July 2021.
The maximum number of Sanofi shares that may be issued under the offer is 6.29 million shares.
Those taking up the offer will be required to hold the Shares or the corresponding FCPE units for a period of about five years, i.e. until 31 May 2026, except upon the occurrence of an early release event, the company said.