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Article: Tenaris buys Maverick Tube for $3.19 billion.
- Article from:
- St. Louis Post-Dispatch (St. Louis, MO)
- Article date:
- June 14, 2006
CopyrightCOPYRIGHT 2006 St. Louis Post-Dispatch. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeffrey Tomich
Jun. 14--Maverick Tube Corp., a maker of welded steel tubes for the oil and natural gas industry, has agreed to be acquired for $3.19 billion in cash and debt by rival Tenaris SA of Luxembourg, which is seeking to expand its presence in North America.
Tenaris, a unit of Techint Argentina SA, agreed to pay $65 a share in cash for Chesterfield-based Maverick Tube, a 42 percent premium to Maverick's Monday closing stock price on the New York Stock Exchange. The total price also includes assuming Maverick Tube's debt.
The transaction, subject to regulatory and shareholder approval, would create a global provider of drill ...