Tenaris Ups Confab Offer Price

Global Steelmaker Tenaris has increased a previous offer to buy all the shares it doesn’t already own in its Brazilian Confab unit by 13%, to BRL5.85 ($2.92) per share. The price is up from a BRL5.20 offer made in August, and indicates a BRL440m ($247m) purchase if holders of all 75.2m outstanding minority shares accept. Shareholders rejected the earlier offer. Some Confab minority shareholders have already agreed to the price, Tenaris says. If successful, Tenaris plans to delist Confab from the Sao Paulo stock exchange.