Tenaris Plans Confab Minority Offer

Steel tube maker Tenaris has launched a public tender offer to buy all the outstanding shares of its Brazilian subsidiary Confab Industrial, it says, to be worth as much as BRL1.35bn ($742m). Through April 23, is offering holders BRL5.85 per ordinary share, and aims to obtain the 230.7m outstanding shares, which it says represent 56%, and delist the company. Confab common shares closed at BRL5.75 Thursday, and preferred at BRL5.80.