LUXEMBOURG--(Marketwire - Nov 1, 2011) - Tenaris S.A. (
Brazilian law also provides that, at the request of shareholders representing at least 10% of the public float, a special meeting of minority shareholders may approve the engagement of an appraiser to make a second valuation of the listed company. Following that procedure, on October 18, 2011, a special meeting of Confab's minority shareholders instructed Confab to retain an appraiser to perform this second valuation and deliver its valuation report within 30 days. If this second valuation results in a price higher than the price offered by Tenaris, Tenaris may either increase the offer price to the level determined in the second valuation or withdraw the request for approval of the offer. If, by contrast, the second valuation confirms the Deloitte valuation, the offer price need not be increased.
While Tenaris continues to believe that its proposed offer price is fair and does not intend to increase it, Tenaris received indications that a significant number of Confab minority shareholders will not accept the offer at that price. Accordingly, on November 1, 2011, Tenaris withdrew its request for approval of the offer.
Confab is a leading Brazilian producer of welded steel pipes and industrial equipment for the energy industry and other applications.
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
Contact Information:
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com