Shadows from Brazil on Tenaris. The company, a world leader in the production of pipes, is involved in the investigation of the bribery scandal within Petrobras. The Cade, the Brazilian authority, has launched an administrative process against 21 companies and 59 people to check whether they have created a cartel to obtain contracts from the green-gold oil giant.
According to Cade, the sum of the contracts in which the alleged cartel of companies allegedly acted amounts to 35 billion reais (over 8 billion euros). Among the companies under investigation - the media have announced - there is also the Italian-Argentine industrial group Techint of the Rocca family, a company that owns, among others, the Tenaris brand.
The news also influenced the performance of the title of Tenaris in Piazza Affari. In fact, the quotations drop by 1% at 12,15 and Tenaris is among the worst stocks of the day.?
