Tenaris to acquire Hydril
Offshore staff
LUXEMBOURG --Tenaris S.A. and Hydril Co. have announced a merger agreement whereby Tenaris will acquire Hydril. Subject to approvals from shareholders and government authorities, the deal is expected to close in 2Q 2007.
Tenaris will pay $97 per share for Hydril common stock and $97 per share for Hydril's Class B common stock.
"This is another major step for Tenaris," says Paolo Rocca Tenaris' chairman and CEO. "Hydril is a company with an extraordinary track record and an outstanding know-how built over more than 70 years of serving the oil and gas industry. With Hydril, we will be able to offer our customers worldwide a full range of integral and coupled premium connection products for the industry's most demanding applications.
"The combined R&D and industrial know-how of the two companies will make a substantial contribution in the new frontiers for exploration and production. Hydril's strong brand and manufacturing capacity in North America will complete Tenaris's position in the region with a full product range and the combination will support further global expansion of Hydril's pressure control business, particularly in key areas like the Gulf of Mexico, Brazil and West Africa."
"This combined entity brings together two world-class companies united in the commitment to provide the best performing products in our served markets," says Chris Seaver, Hydril's chairman, president and CEO.
"The core manufacturing competencies of Tenaris and Hydril makes the 'fit' of products and services right for our customers and our combined businesses. The breadth of products and services conveniently made available under this single brand will benefit our customers technologically and economically by providing a single source for OCTG products and premium connections."
02/12/2007