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Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) has successfully completed its USD1.2 billion Share Buyback Program. The program, which ran from November 5, 2023, to August 2, 2024, resulted in the purchase of 71,679,768 ordinary shares, representing 6.07% of the total issued share capital at the program’s start. The fourth and final tranche, executed from June 17 to August 2, 2024, saw the acquisition of 19,452,939 shares for €278,698,899 (USD300 million). As of August 2, 2024, Tenaris held 53,900,466 treasury shares, accounting for 4.64% of its total issued share capital. The company intends to cancel the treasury shares purchased under this program in due course.
Tenaris S.A. (NYSE e Messico: TS ed EXM Italia: TEN) ha completato con successo il suo programma di riacquisto azionario da 1,2 miliardi di USD. Il programma, che è andato dal 5 novembre 2023 al 2 agosto 2024, ha portato all’acquisto di 71.679.768 azioni ordinarie, che rappresentano il 6,07% del capitale sociale totale all’inizio del programma. La quarta e ultima tranche, eseguita dal 17 giugno al 2 agosto 2024, ha visto l’acquisizione di 19.452.939 azioni per 278.698.899 € (300 milioni di USD). Al 2 agosto 2024, Tenaris possedeva 53.900.466 azioni proprie, pari al 4,64% del suo capitale sociale totale emesso. L’azienda prevede di cancellare le azioni proprie acquistate nell’ambito di questo programma in un secondo momento.
Tenaris S.A. (NYSE y México: TS y EXM Italia: TEN) ha completado con éxito su programa de recompra de acciones de 1.2 mil millones de USD. El programa, que se llevó a cabo del 5 de noviembre de 2023 al 2 de agosto de 2024, resultó en la compra de 71,679,768 acciones ordinarias, que representan el 6.07% del capital social total al inicio del programa. La cuarta y última fase, ejecutada del 17 de junio al 2 de agosto de 2024, vio la adquisición de 19,452,939 acciones por 278,698,899 € (300 millones de USD). Al 2 de agosto de 2024, Tenaris tenía 53,900,466 acciones en tesorería, equivalentes al 4.64% de su capital social total emitido. La empresa tiene la intención de cancelar las acciones en tesorería compradas bajo este programa en su momento oportuno.
Tenaris S.A. (NYSE 및 멕시코: TS, EXM 이탈리아: TEN)은 12억 달러 규모의 자사주 매입 프로그램을 성공적으로 완료했습니다. 이 프로그램은 2023년 11월 5일부터 2024년 8월 2일까지 진행되었으며, 71,679,768주의 보통주를 매입하여 프로그램 시작 시 발행된 총 주식 자본의 6.07%를 차지했습니다. 네 번째이자 마지막 트랜치인 2024년 6월 17일부터 8월 2일까지의 기간 동안 19,452,939주를 278,698,899€ (3억 달러)에 매입했습니다. 2024년 8월 2일 기준으로 Tenaris는 53,900,466주의 자사주를 보유하고 있으며, 이는 총 발행 주식 자본의 4.64%에 해당합니다. 이 회사는 향후 이 프로그램에 따라 매입한 자사주를 매각할 계획입니다.
Tenaris S.A. (NYSE et Mexique : TS et EXM Italie : TEN) a réussi à achever son programme de rachat d’actions de 1,2 milliard USD. Le programme, qui s’est déroulé du 5 novembre 2023 au 2 août 2024, a conduit à l’achat de 71 679 768 actions ordinaires, représentant 6,07 % du capital social total au début du programme. La quatrième et dernière tranche, exécutée du 17 juin au 2 août 2024, a vu l’acquisition de 19 452 939 actions pour 278 698 899 € (300 millions USD). Au 2 août 2024, Tenaris détenait 53 900 466 actions propres, représentant 4,64 % de son capital social total émis. L’entreprise prévoit de annuler les actions propres achetées dans le cadre de ce programme en temps voulu.
Tenaris S.A. (NYSE und Mexiko: TS sowie EXM Italien: TEN) hat sein 1,2 Milliarden USD schweres Aktienrückkaufprogramm erfolgreich abgeschlossen. Das Programm lief vom 5. November 2023 bis zum 2. August 2024 und führte zum Kauf von 71.679.768 Stammaktien, was 6,07% des zum Programmstart ausgegebenen Stammkapitals entspricht. Die vierte und letzte Tranche, die vom 17. Juni bis zum 2. August 2024 ausgeführt wurde, umfasste den Erwerb von 19.452.939 Aktien für 278.698.899 € (300 Millionen USD). Am 2. August 2024 hielt Tenaris 53.900.466 eigene Aktien, was 4,64% des gesamten ausgegebenen Stammkapitals entspricht. Das Unternehmen beabsichtigt, die im Rahmen dieses Programms erworbenen eigenen Aktien zu annullieren.
Positive
- Completed USD1.2 billion share buyback program
- Purchased 6.07% of total issued share capital
- Plans to cancel treasury shares, potentially increasing shareholder value
Tenaris’s completion of its $1.2 billion share buyback program is a significant financial move that signals confidence in the company’s future prospects. The repurchase of 71,679,768 ordinary shares, representing 6.07% of total issued share capital, demonstrates a substantial commitment to returning value to shareholders.
The program’s execution over multiple tranches suggests a strategic approach to capital allocation. With 4.64% of total issued share capital now held in treasury, the planned cancellation of these shares could lead to a boost in earnings per share for remaining shareholders. This move may also indicate that management believes the stock is undervalued, potentially signaling a positive outlook for investors.
However, investors should consider the opportunity cost of this capital deployment versus alternative uses such as investments in growth initiatives or debt reduction. The market’s reaction to this completed buyback will be important to watch in the coming days.
Tenaris’s share buyback program completion offers intriguing insights into the company’s market positioning and strategy. The consistent execution across four tranches suggests a well-planned approach to capital management and shareholder value creation.
The timing and scale of this buyback may indicate management’s perception of undervaluation in the stock market. It’s worth noting that such a substantial buyback could potentially reduce stock liquidity, which might impact trading dynamics for investors.
From a broader perspective, this move aligns with a trend seen among many large corporations using excess cash for share repurchases. Investors should consider how this strategy compares to Tenaris’s peers in the steel pipe manufacturing sector and whether it positions the company favorably in terms of financial flexibility and market perception.
LUXEMBOURG, Aug. 04, 2024 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today the completion of the fourth and last tranche of its USD1.2 billion Share Buyback Program announced on November 1, 2023 (the “Program”).
During the fourth tranche, which ran from June 17, 2024, to (and including) August 2, 2024, the Company purchased a total of 19,452,939 ordinary shares for a total consideration of €278,698,899, or USD300 million.
During the Program, which ran from November 5, 2023, to (and including) August 2, 2024, the Company purchased a total of 71,679,768 ordinary shares, representing 6.07% of the total issued share capital at the beginning of the Program, for a total consideration of €1,108,668,602, or USD1.2 billion.
As of August 2, 2024, the Company held in treasury 53,900,466 ordinary shares, representing 4.64% of its total issued share capital.
Tenaris intends to cancel treasury shares purchased under the Program in due course.
Details of the above transactions are available on Tenaris’s corporate website under the Share Buyback Program Section https://ir.tenaris.com/share-buyback-program.
Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
FAQ
How many shares did Tenaris (TS) buy back in its USD1.2 billion program?
Tenaris (TS) purchased a total of 71,679,768 ordinary shares, representing 6.07% of the total issued share capital at the beginning of the program.
When did Tenaris (TS) complete its share buyback program?
Tenaris (TS) completed its USD1.2 billion share buyback program on August 2, 2024.
What was the total value of Tenaris’s (TS) share buyback program?
Tenaris’s (TS) share buyback program had a total value of USD1.2 billion or €1,108,668,602.
How many shares did Tenaris (TS) purchase in the final tranche of its buyback program?
In the fourth and final tranche of its buyback program, Tenaris (TS) purchased 19,452,939 ordinary shares for a total of €278,698,899 or USD300 million.
