Tenaris To Buy North American Rival Maverick Tube

Tenaris, the world’s largest steel tube producer, controlled by Argentina’s Techint, is to buy North American rival Maverick Tube for $2.4 billion. The acquisition will allow Tenaris to expand into the North American market. The move by Techint’s Luxembourg-based unit pushed up the company’s share price and saw an improvement in Argentina’s Merval Tuesday – Technit has a 27.7% weighting in the index.