Tenaris to increase its participation in usiminas control group

Luxembourg, march 30, 2023 (globe newswire) -- tenaris s.a. (nyse and mexico: ts and exm italy: ten) announced today that its brazilian subsidiary confab industrial s.a., together with its affiliates ternium investments and ternium argentina, all of which compose the t/t group within usiminas control group, have entered into a share purchase agreement to acquire from nippon steel corporation, mitsubishi and metalone (the “nsc group”), pro rata to their current participations in the t/t group, 68.7 million ordinary shares of usinas siderÚrgicas de minas gerais s.a. – usiminas (“usiminas”) at a price of brl10 per ordinary share. pursuant to the transaction, tenaris would pay brl 110 million (approximately usd21 million) in cash for 11.0 million ordinary shares, increasing its participation in the usiminas control group to 9.8%. the transaction is subject to approval by brazil's antitrust authorities and will be financed with cash on hand.
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