Tenaris completes Third Tranche and commences Fourth Tranche of its USD1.2 Billion Share Buyback Program
June 14 2024 - 4:58PM
Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”)
announced today the completion of the third tranche and the
commencement of the fourth tranche of its USD1.2 billion Share
Buyback Program announced on November 1, 2023 (the “Program”).
During the third tranche, which ran from May 13,
2024, to (and including) June 13, 2024, the Company purchased a
total of 18,080,524 ordinary shares for a total consideration of
EUR276,630,414, or USD300 million.
As of June 14, 2024, the Company held in
treasury 34,447,527 ordinary shares (including 16,367,003 ordinary
shares bought in the second tranche), equal to 2.96% of the total
issued share capital.
On June 14, 2024, Tenaris entered into a
non-discretionary buyback agreement with a primary financial
institution (the “Bank”) for the execution of the fourth tranche of
the Program, covering up to the remainder amount of the Program.
This fourth tranche shall start on June 17, 2024, and end no later
than October 31, 2024, and will cover an amount of up to USD300
million.
The Bank will make its trading decisions
concerning the timing of the purchases of Tenaris’s ordinary shares
independently of and uninfluenced by Tenaris and will act in
compliance with applicable rules and regulations, including the
Market Abuse Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052 (the “Regulations”). Under the buyback
agreement, purchases of shares may continue during any closed
periods of Tenaris in accordance with the Regulations.
Ordinary shares purchased under the Program will
be cancelled in due course.
Any buyback of ordinary shares in relation to
this announcement will be carried out under the authority granted
by the general meeting of shareholders held on June 2, 2020, up to
a maximum of 10% of the Company’s capital, or any renewed or
extended authorization to be granted at a future general meeting of
the Company.
Some of the statements contained in this press
release are “forward-looking statements”. Forward-looking
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. These risks include but
are not limited to risks arising from uncertainties as to future
oil and gas prices and their impact on investment programs by oil
and gas companies.
Tenaris is a leading global supplier of steel
tubes and related services for the world’s energy industry and
certain other industrial applications.
Giovanni SardagnaTenaris
1-888-300-5432www.tenaris.com
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