Tenaris (TEN) Tenaris
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Tenaris to Buy Tube Maker for $2.4 Billion
Tuesday June 13, 12:19 am ET
Tenaris SA to Buy Maverick Tube Corp., Fellow Tube Maker for Energy Industry for $2.4 Billion
NEW YORK (AP) -- Tenaris SA agreed to acquire Maverick Tube Corp., a fellow maker of tube products for the energy industry, for $65 a share, amid high demand for equipment in the oil patch.
Based on Maverick's 36.9 million shares outstanding as of May 5, the deal values the Chesterfield, Mo., company at about $2.4 billion.
Maverick shares fell 4 percent, $1.92, to close at $45.66 Monday on the New York Stock Exchange.
Tenaris, based in Luxembourg, said it will finance the acquisition through cash on hand and debt. The transaction is subject to regulatory approvals and other conditions.
Maverick produces oil-field tubular goods like line pipe and coiled tubing for use in oil and natural-gas extraction. Prices for oil-field equipment have surged amid higher prices for crude oil and natural gas and the resulting increase in exploration and production activity.
Maverick has about 4,650 workers and posted 2005 sales of $1.8 billion. The combined entity, if the deal is completed, would have annual sales of about $9 billion. Of that, about 30 percent would come from the United States and Canada.
Tuesday June 13, 12:19 am ET
Tenaris SA to Buy Maverick Tube Corp., Fellow Tube Maker for Energy Industry for $2.4 Billion
NEW YORK (AP) -- Tenaris SA agreed to acquire Maverick Tube Corp., a fellow maker of tube products for the energy industry, for $65 a share, amid high demand for equipment in the oil patch.
Based on Maverick's 36.9 million shares outstanding as of May 5, the deal values the Chesterfield, Mo., company at about $2.4 billion.
Maverick shares fell 4 percent, $1.92, to close at $45.66 Monday on the New York Stock Exchange.
Tenaris, based in Luxembourg, said it will finance the acquisition through cash on hand and debt. The transaction is subject to regulatory approvals and other conditions.
Maverick produces oil-field tubular goods like line pipe and coiled tubing for use in oil and natural-gas extraction. Prices for oil-field equipment have surged amid higher prices for crude oil and natural gas and the resulting increase in exploration and production activity.
Maverick has about 4,650 workers and posted 2005 sales of $1.8 billion. The combined entity, if the deal is completed, would have annual sales of about $9 billion. Of that, about 30 percent would come from the United States and Canada.
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NEW YORK, June 12 (Reuters) - Tenaris SA (TENA.BA: Quote, Profile, Research) (TS.N: Quote, Profile, Research), a leading steel pipe supplier for oil and gas fields, on Monday said it agreed to acquire rival producer Maverick Tube Corp. (MVK.N: Quote, Profile, Research) for $3.19 billion in a deal that will provide Tenaris greater access to the U.S. and Canadian energy sector.
Tenaris, which is organized in Luxembourg, said it will pay $65 in cash per share, a premium of 42 percent over Maverick's closing share price on the New York Stock Exchange on Monday, the companies said in a joint release.
The transaction, if approved by regulators and the majority of Maverick's shareholders, would lead to a company with annual sales of about $9 billion, of which about 30 percent would derive from the U.S. and Canadian markets, the companies said.
"This is a major step for Tenaris. With Maverick, we will gain full access to the energy sector in the United States and Canada," said Paolo Rocca, chairman and chief executive of Tenaris, which is part of Argentina's Techint conglomerate.
Goldman Sachs & Co. acted as financial advisor to Tenaris, while Morgan Stanley & Co. advised Maverick. (Additional reporting by Ransdell Pierson)
Tenaris, which is organized in Luxembourg, said it will pay $65 in cash per share, a premium of 42 percent over Maverick's closing share price on the New York Stock Exchange on Monday, the companies said in a joint release.
The transaction, if approved by regulators and the majority of Maverick's shareholders, would lead to a company with annual sales of about $9 billion, of which about 30 percent would derive from the U.S. and Canadian markets, the companies said.
"This is a major step for Tenaris. With Maverick, we will gain full access to the energy sector in the United States and Canada," said Paolo Rocca, chairman and chief executive of Tenaris, which is part of Argentina's Techint conglomerate.
Goldman Sachs & Co. acted as financial advisor to Tenaris, while Morgan Stanley & Co. advised Maverick. (Additional reporting by Ransdell Pierson)
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E' poco leggibile, ma vale la pena soffermarsi anche su ciò che si compra:
PERIOD ENDING 31-Mar-06 31-Dec-05 30-Sep-05 30-Jun-05
Total Revenue 543,060 484,650 478,072 376,027
Cost of Revenue 407,169 355,855 392,546 309,194
Gross Profit 135,891 128,795 85,526 66,833
Operating Expenses
Research Development - - - -
Selling General and Administrative 23,790 28,332 22,946 21,121
Non Recurring - 2,221 (800) -
Others - - - -
Total Operating Expenses - - - -
Operating Income or Loss 112,101 98,242 63,380 45,712
Income from Continuing Operations
Total Other Income/Expenses Net - - - -
Earnings Before Interest And Taxes 112,101 98,242 63,380 45,712
Interest Expense 4,669 3,744 4,154 3,831
Income Before Tax 107,432 94,498 59,226 41,881
Income Tax Expense 36,478 31,113 18,330 12,728
Minority Interest - - - -
Net Income From Continuing Ops 70,954 63,385 40,896 29,153
Non-recurring Events
Discontinued Operations (56) (154) (12,941) 9,525
Extraordinary Items - - 11,201 -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 70,898 63,231 39,156 38,678
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares $70,898 $63,231 $39,156 $38,678
PERIOD ENDING 31-Mar-06 31-Dec-05 30-Sep-05 30-Jun-05
Total Revenue 543,060 484,650 478,072 376,027
Cost of Revenue 407,169 355,855 392,546 309,194
Gross Profit 135,891 128,795 85,526 66,833
Operating Expenses
Research Development - - - -
Selling General and Administrative 23,790 28,332 22,946 21,121
Non Recurring - 2,221 (800) -
Others - - - -
Total Operating Expenses - - - -
Operating Income or Loss 112,101 98,242 63,380 45,712
Income from Continuing Operations
Total Other Income/Expenses Net - - - -
Earnings Before Interest And Taxes 112,101 98,242 63,380 45,712
Interest Expense 4,669 3,744 4,154 3,831
Income Before Tax 107,432 94,498 59,226 41,881
Income Tax Expense 36,478 31,113 18,330 12,728
Minority Interest - - - -
Net Income From Continuing Ops 70,954 63,385 40,896 29,153
Non-recurring Events
Discontinued Operations (56) (154) (12,941) 9,525
Extraordinary Items - - 11,201 -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 70,898 63,231 39,156 38,678
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares $70,898 $63,231 $39,156 $38,678
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la paga un po' cara ai prezzi attuali
bassi in conseguenza delle discese in borsa
ma probabilmente era lo scotto da pagare per entarre in un mercato molto importante quale quello USA
ieri quotava 45,66 dolalri
le pagheranno 65 dollari per azione
quindi con un premio del 42% rispetto alle attuali quotazioni
questo è il grafico di Maverick
bassi in conseguenza delle discese in borsa
ma probabilmente era lo scotto da pagare per entarre in un mercato molto importante quale quello USA
ieri quotava 45,66 dolalri
le pagheranno 65 dollari per azione
quindi con un premio del 42% rispetto alle attuali quotazioni
questo è il grafico di Maverick
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