Almost six months after signing a definitive agreement, global steel tube producer Tenaris announced Sunday that Benteler Group has decided to cancel the sale of Benteler Steel & Tube Manufacturing Corporation for $460 million, the company announced to the stock markets of New York, Luxembourg, Italy and Mexico.
“Benteler North America Corporation has exercised its right to unilaterally terminate, effective immediately, the previously-announced agreement for the sale to Tenaris of 100 percent of the shares of US steel pipe producer Benteler Steel & Tube Manufacturing Corporation,” Tenaris said in a press release.
In July 2022, Tenaris reported the signing of a definitive agreement to acquire 100 percent of the shares of Benteler Steel & Tube Manufacturing Corporation for $460 million. At that time, they reported that the transaction would close at the end of the year.
Benteler Steel & Tube Manufacturing Corporation is located in Shreveport, Louisiana, and has a production capacity of up to 400,000 metric tons of seamless steel tubing.