Feb 5 (Reuters) - Tenaris SA said on Sunday
that Benteler North America Corp has called off a previously
announced agreement to sell 100% of its shares in its steel pipe
business to the Luxembourg-based company.
Tenaris, which produces pipes for oil and gas exploration,
announced last year that it would acquire U.S.- based Steel &
Tube Manufacturing Corp for $460 million as it seeks to expand
its manufacturing capabilities in the United States.
The company said it would acquire 100% of Benteler Steel on
a cash-free, debt-free basis, which includes $52 million in
working capital.
The deal had been expected to close in the fourth quarter of
2022.
(Reporting by Lavanya Ahire in Bengaluru; editing by Jason
Neely)
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