UPDATE 1-Michelin unveils 1.2 bln eur rights issue

Newswire

* Says capex to reach 1.6 billion euros annually from 2011 * Shareholders to have 2 new shares for 11 held * Subscription price 45 euros per share * Sets new earnings goals * Shares seen down 5 pct - traders (Adds detail) PARIS, Sept 28 (Reuters) - French tyremaker Michelin unveiled a deeply discounted rights issue of about 1.2 billion euros ($1.6 billion) to accelerate growth, increase investments and enhance its credit rating. Michelin also set new earnings goals on Tuesday, ...

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