Tenaris completes Fourth and Last Tranche of its USD1.2 Billion Share Buyback Program
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Rhea-AI Summary
Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) has successfully completed its USD1.2 billion Share Buyback Program. The program, which ran from November 5, 2023, to August 2, 2024, resulted in the purchase of 71,679,768 ordinary shares, representing 6.07% of the total issued share capital at the program's start. The fourth and final tranche, executed from June 17 to August 2, 2024, saw the acquisition of 19,452,939 shares for €278,698,899 (USD300 million). As of August 2, 2024, Tenaris held 53,900,466 treasury shares, accounting for 4.64% of its total issued share capital. The company intends to cancel the treasury shares purchased under this program in due course.
Positive
- Completed USD1.2 billion share buyback program
- Purchased 6.07% of total issued share capital
- Plans to cancel treasury shares, potentially increasing shareholder value
Negative
- None.
Details
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LUXEMBOURG, Aug. 04, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today the completion of the fourth and last tranche of its USD1.2 billion Share Buyback Program announced on November 1, 2023 (the “Program”).
During the fourth tranche, which ran from June 17, 2024, to (and including) August 2, 2024, the Company purchased a total of 19,452,939 ordinary shares for a total consideration of
During the Program, which ran from November 5, 2023, to (and including) August 2, 2024, the Company purchased a total of 71,679,768 ordinary shares, representing
As of August 2, 2024, the Company held in treasury 53,900,466 ordinary shares, representing
Tenaris intends to cancel treasury shares purchased under the Program in due course.
Details of the above transactions are available on Tenaris’s corporate website under the Share Buyback Program Section https://ir.tenaris.com/share-buyback-program.
Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
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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