Tenaris's major stockholder adjusts Schedule 13D in reaction to the company's continuous stock repurchase plan
Tenaris Announces Amendment to Shareholding Structure
In a recent development, Tenaris S.A., a leading global supplier of steel tubes and related services for the energy industry, has announced an amendment to its shareholding structure. The controlling shareholders, San Faustin S.A. and Techint Holdings S.à r.l., have filed an amendment to their Schedule 13D.
According to the filing, the board of directors of San Faustin has authorized the sale of ordinary shares by Techint Holdings, provided that Techint Holdings' ownership stake in Tenaris should not fall below 67% of Tenaris's total outstanding ordinary shares. This authorization comes as a result of Tenaris's ongoing share repurchase program, which has passively increased San Faustin's beneficial ownership interest in Tenaris.
The controlling shareholders, San Faustin S.A. and Techint Holdings S.à r.l., do not currently intend to purchase ordinary shares or to reduce their beneficial ownership below 67% of Tenaris's total outstanding ordinary shares. However, they may from time to time, depending on market conditions and other factors, purchase or sell additional ordinary shares.
The precise timing, amount, and manner of any such sales by Techint Holdings will depend upon market conditions and other factors. It is important to note that there is no assurance that any sales will be completed or the timing thereof.
Some statements in this press release are considered 'forward-looking statements'. These statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance, or events to differ materially from those expressed or implied by those statements.
Tenaris can be contacted via the phone number 1-888-300-5432 or through their website www.tenaris.com.
It is worth mentioning that these changes in the shareholding structure do not affect Tenaris's commitment to providing high-quality steel tubes and related services to its customers in the energy industry and certain other industrial applications.
The ongoing share repurchase program by Tenaris has passively increased San Faustin's beneficial ownership interest in Tenaris. However, it is important to note that from time to time, depending on market conditions and other factors, Techint Holdings may also purchase or sell additional ordinary shares.
In conclusion, Tenaris S.A. has announced an amendment to its shareholding structure, with the controlling shareholders, San Faustin S.A. and Techint Holdings S.à r.l., authorizing the sale of ordinary shares by Techint Holdings, provided that Techint Holdings' ownership stake in Tenaris should not fall below 67% of Tenaris's total outstanding ordinary shares. It is crucial to remember that there is no assurance that any sales will be completed or the timing thereof, and some statements in this press release are considered 'forward-looking statements'.
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