Benteler terminates the previously-announced sale to Tenaris of its Shreveport, Louisiana pipe manufacturing plant
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Rhea-AI Summary
Tenaris S.A. (NYSE: TS) announced that Benteler North America Corporation has exercised its right to unilaterally terminate the agreement to sell 100% of Benteler Steel & Tube Manufacturing Corporation to Tenaris. This decision is effective immediately and terminates a previously announced deal. Tenaris is recognized as a leading global supplier of steel tubes and related services in the energy industry and other industrial sectors.
Positive
- Tenaris is a recognized leader in supplying steel tubes to the energy sector, which reflects solid market positioning.
Negative
- The unilateral termination of the acquisition deal may negatively impact Tenaris's growth strategy and market expansion plans.
Details
News Market Reaction – TS
The recorded move for TS in the trading session of this news was -0.15%.
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LUXEMBOURG, Feb. 05, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) announced today that Benteler North America Corporation has exercised its right to unilaterally terminate, effective immediately, the previously-announced agreement for the sale to Tenaris of
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
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