July 7 (Reuters) – Tenaris SA (TENR.MI) said Thursday it will buy U.S. seamless pipe maker Benteler Steel & Tube Manufacturing Corp for $460 million as the Luxembourg-based company seeks to expand its presence in the U.S. production possibilities.
Global steel pipe maker Tenaris said in a statement that it will acquire 100% stake in Benteler Steel on a cashless and debt-free basis, including $52 million in working capital.
Benteler Steel & Tube Manufacturing Corp’s plant in Shreveport, Louisiana, can produce up to 400,000 metric tons of pipe per year, Tenaris says.
Tenaris said the deal is subject to approval from U.S. regulators and other local authorities. The merger is expected to close in the fourth quarter of 2022.
In early June, without admitting or denying wrongdoing, Tenaris said it would pay $78.1 million to settle a U.S. investigation of alleged bribery to gain business from Brazil’s state oil company Petrobras.read more
Tenaris reported a sharp rise in its core profit in the first quarter, driven by higher crude oil pipe (OCTG) prices in the Americas and increased line pipe shipments to Europe and South America.read more
Indian stocks opened lower on Tuesday on worries about weak tech spending, after weak fourth-quarter results from two big tech companies sent stocks lower in the previous session.
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Post time: Apr-18-2023