Tenaris launches into the Brazilian market. THEThe Italian-Argentine group leader in the production of steel pipes hpresented a takeover bid on the São Paulo Stock Exchange and the Brazilian Consob on all the ordinary and preferential shares of its subsidiary Confab Industrial SA, leader in the Carioca country for the production of welded steel pipes and infrastructure for the industry energy.
The Rocca family group will offer 5,2 reals (2,2 euros) for each ordinary or preferred share, with a premium of around 32% compared to Friday's closing price – or 35% if we consider the average price weighted by the volume of shares traded in the last 20 days in the Paulist market. If Tenaris bought all the Confab securities, the operation would have a value of 1,243 billion real, approximately 536 million euros.
Source: adn.es
