US’s Justice Department’s Antitrust Division has confirmed that Benteler Steel & Tube Manufacturing has walked away from Tenaris’s planned USD 460 million take-over of Benteler’s tube manufacturing facility in Shreveport in Louisiana after it raised competition concerns about the deal. Justice Department’s Antitrust Division’s Assistant Attorney General Mr Jonathan Kanter said “A competitive oil and gas industry is vital to the US economy. The proposed acquisition would have eliminated Benteler as an independent competitor and threatened higher prices, lower quality, and less innovation in this market. I am grateful to the division’s hardworking staff who thoroughly investigated the transaction on behalf of the public.”The proposed transaction would have combined two domestic suppliers of seamless tubing and production casing, important types of steel pipe used in the extraction of oil and gas. The transaction would have increased concentration in an already concentrated industry, cementing Tenaris as the undisputed dominant player in the market.Tenaris is a Luxembourg corporation listed on the New York, Italian, and Mexican stock exchanges operating a global network of steelmaking, including several Oil Country Tabular Goods mills in the United States, primarily through its subsidiary Maverick Tube Corp.Benteler Steel & Tube Manufacturing operates a seamless steel pipe mill in Shreveport in Louisiana. Benteler is a wholly-owned subsidiary of Benteler International AG, a privately-owned company registered in Austria, which provides steel pipes and products and services used in automotive manufacturing.
US’s Justice Department’s Antitrust Division has confirmed that Benteler Steel & Tube Manufacturing has walked away from Tenaris’s planned USD 460 million take-over of Benteler’s tube manufacturing facility in Shreveport in Louisiana after it raised competition concerns about the deal. Justice Department’s Antitrust Division’s Assistant Attorney General Mr Jonathan Kanter said “A competitive oil and gas industry is vital to the US economy. The proposed acquisition would have eliminated Benteler as an independent competitor and threatened higher prices, lower quality, and less innovation in this market. I am grateful to the division’s hardworking staff who thoroughly investigated the transaction on behalf of the public.”The proposed transaction would have combined two domestic suppliers of seamless tubing and production casing, important types of steel pipe used in the extraction of oil and gas. The transaction would have increased concentration in an already concentrated industry, cementing Tenaris as the undisputed dominant player in the market.Tenaris is a Luxembourg corporation listed on the New York, Italian, and Mexican stock exchanges operating a global network of steelmaking, including several Oil Country Tabular Goods mills in the United States, primarily through its subsidiary Maverick Tube Corp.Benteler Steel & Tube Manufacturing operates a seamless steel pipe mill in Shreveport in Louisiana. Benteler is a wholly-owned subsidiary of Benteler International AG, a privately-owned company registered in Austria, which provides steel pipes and products and services used in automotive manufacturing.
