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BUSINESS - July 29 2004
The Tenaris group, one of the main pipe producers in the world, has taken over Tubman International following a 42 million U.S. dollars transaction. Tubman Internal is the main stock owner of Silcotub Zalau and allotments at three of its subsidiaries.
According to an official statement of Tenaris, the transaction happened following some "quick negotiations". The company that has indirectly taken over Silcotub is an international steel pipe producer and a service supplier for the industrial sectors, especially oil, natural gases and energy. The company has outputs in Argentina, Brazil, Canada, Italy, Japan, Mexico and Venezuela. The flat sales of the company have reached 3.17 billion U.S. dollars and the flat profit 210.3 million U.S. dollars. Tenaris has 14,500 employees and covers approximately 30% of the molten products world market and 13% of the welded pipes one. The company appears at the stock markets in New York, Buenos Aires, Mexico and Milan.
Silcotub, in its turn, has from 2003 another internal pipe producer, Tubinox Bucharest. Tubman International, the company Tenaris recently took over, is of holding type structure, registered in the Great Britain, which also owns Laminorul Roman, another Romanian pipe producing company.
The both companies owned in Romania have been taken over in the autumn of the year 1999. Still in 1999, the company tried to take over Petrotub Roman, but the Competition Council annulled the transaction a year later, because Tubaman wouldâve become the company with a dominant position in the pipe production market in Romania. We have to see what follows now, if the mandatory notification that has to be sent to the Competition Council concerning this transaction will receive the acceptance of the specialty forum or the institution lead by Mihai Berinde will be as out and out as the last time.
Translation: SORIN BALAN
