By OGJ editors
HOUSTON, Sept. 18 -- Luxembourg-based seamless steel pipe giant Tenaris SA has concluded an exchange offer enabling it to own 99.9% of Mexico's Tubos de Acero de Mexico SA (Tamsa).
The exchange offer was launched in August when Tenaris had a 94.4% stake in Tamsa, a Sept. 15 news release said.
Tenaris plans to issue 19.58 million common shares to conclude the transaction, increasing Tenaris' overall 1.18 billion. The shares will be issued in the form of American Depositary Receipts. One ADR represents 10 common shares.
In addition, Tenaris said it will move to delist Tamsa's shares from the American Stock Exchange because Tamsa now no longer meets the listing requirements.
Tenaris has pipe manufacturing facilities in Argentina, Brazil, Canada, Italy, Japan, Mexico, and Venezuela. Last year, it announced plans to acquire all outstanding shares of Tamsa and two other seamless steel pipe producers, Siderca SA of Argentina and Dalmine SPA of Italy.