Vallourec to acquire complete control of V&M Tubes
According to recent market news, French steel tube producer Vallourec signed a non-binding memorandum of understanding with both Germany's Salzgitter AG and Salzgitter's wholly-owned subsidiary Mannesmannrohren-Werke (MRW) in order to acquire MRW's stake in Brazilian steel tube producer Vallourec & Mannesmann Tubes (V&M Tubes). Vallourec will pay €545 million for MRW's 45% share in V&M Tubes, thus giving Vallourec a 100% stake in 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.