Tenaris Scraps Confab Delisting

Tenaris has decided to withdraw its request for a Brazilian equity tender offer for all of the shares of its Confab subsidiary that it does not own. The steelmaker controlled by Argentina’s Techint had submitted and offer in August to pay BRL5.20 ($2.97) per Confab share, but Brazilian law allows for a 10% minority to challenge the valuation, which a group did this month. Tenaris has held a controlling stake in Confab, which operates under the TenarisConfab brand, since 1999.