April 25, 2012
Tenaris is to spend BRL1.31bn ($697m) to acquire outstanding shares of Braz
Tenaris is to spend BRL1.31bn ($697m) to acquire outstanding shares of Brazil’s confab, reaching the amount it needs to delist its Brazilian subsidiary. The steel tube maker is paying BRL5.90 per common or preferred share to holders of 216.27m shares that accepted a tag along offer, Tenaris says. Outside of the auction, Tenaris also acquired 6m additional Confab shares in the market at the same price.