After six decades, Tenaris ceases operations on the Buenos Aires Stock Exchange

After six decades of relationship,
Tenaris leaves the Buenos Aires Stock Exchange. This was decided by the general meeting of shareholders of the company, after the company proposed it last June. In the coming days, the organization will submit a request to the National Securities Commission (CNV), the public body charged with regulating the capital market.

This was confirmed by the company Techint group in a statement sent to CNV. In the text, he explained the steps to follow: after submitting the application "to voluntarily withdraw from the public offer and cancel the price of its shares" on Argentine stock exchanges and markets, and once the request is authorized, the firm will announce more details. options for stockholders that had already been presented in the first release of June.

In this statement, the company specified that, when the withdrawal of the Buenos Aires Stock Exchange would be approved, the shareholders whose property is held through the depository and global depository of the Argentine stock exchange (Caja de Valores SA) would have three options.

The first, sell. Second, transfer these CVSA shares to one of the other stock market clearing systems on which Tenaris shares or ADSs continue to trade (Mexico, New York or Milan).

The third is to maintain, through CVSA, non-publicly traded shares in a market in Argentina. Finally, for shareholders voting against the withdrawal of the public offering regime, the company could redeem these papers at a value equivalent to the average closing price in the 90 days preceding the meeting, the firm said.

In this new statement, the company specifies the redemption price of these papers: $ 566.55 per share. They will be paid on January 24, 2020, after a period of 180 days from the date on which the meeting that decided to withdraw the quote took place. The total cost of the transaction, calculated by the company, would not exceed 218.7 million US dollars.

Tenaris on the stock market: 61 years of history

The history of Tenaris on the Buenos Aires Stock Exchange began in 1958, when Siderca (the Campana factory that gave birth to the iron and steel company Rocca) became a public company in the local capital market.

In 2002, the Luxembourg company Tenaris S.A. became the parent company of the group and, after a Siderca share change offer, is the one that has been listed on the Buenos Aires Stock Exchange up to now.

In addition, that same year, after another offer to exchange the shares of Tamsa and Dalmine (other companies controlled by the group), it began to be traded simultaneously on the New York, Milan and Mexico Stock Exchanges. . Tenaris S.A. He will continue to offer his papers in these three places, where he spends most of his operations.

The so-called Tenaris-Siderca plant is located in Campana. This is the origin of the steel group which today has an international presence.

Tenaris, the holding company that groups companies that produce seamless and seamless steel tubes, is the spoiled daughter of Paolo Rocca, the current CEO of Techint Group and the third generation of the founding family.

It is not only the company born of Siderca, the firm created by his grandfather Agostino and a fundamental stone of the Techint group, but also the company in which he has spent most of his career as an employee. Tenaris is also the world leader in its field.