Vallourec completes acquisition of V&M Tubes
French seamless steel tubes and tubular products producer Vallourec announced yesterday that it completed the acquisition of a 45% stake in Vallourec & Mannesmann Tubes (V&M Tubes), its main subsidiary. Vallourec purchased the stake from Germany's Salzgitter AG and Salzgitter's wholly-owned subsidiary Mannesmannröhren-Werke (MRW). A definitive agreement between the parties was signed on May 13, 2005. The agreement stipulated that Vallourec would pay €545 for the 45% stake in V&M Tubes. With this takeover, Vallourec gains full possession of V&M Tubes. V&M Tubes, founded by Vallorec and MRW in 1997, produces seamless steel tubes that are used in pipelines and the automotive sector.