Brazil-based steel pipemaker Tuper has announced that it has signed an agreement with ArcelorMittal Brazil in order for the latter to acquire the remaining 60 percent stake in the company. During the 2015 Brazil economic crisis affecting Tuper, ArcelorMittal Brazil had acquired a 40 percent stake.
Accordingly, the acquisition proposal has been submitted to the Brazilian competition authority CADE for approval. CADE is expected to share its final decision within the next 60 to 90 days. If approved, Tuper will become a fully-owned subsidiary of ArcelorMittal Brazil.
Having three production plants, Tuper serves several industries including oil and gas, construction, infrastructure, industrial and automotive.