The multinational metallurgical company Tenaris said this Sunday that Benteler North America Corp. canceled a previously announced agreement to sell you 100% of its shares in its steel pipe business.
Tenaris, which produces pipelines for the exploration of oil and gasannounced last year that it would acquire Benteler Steel & Tube Manufacturing Corp, based in the United States, for 460 million dollars, looking to expand its manufacturing capabilities in the northern country.
“Tenaris announced today (Sunday) that Benteler North America Corporation has exercised its right to unilaterally terminate, effective immediately, the previously announced agreement,” the firm said in a statement.
The deal was expected to close in the fourth quarter of 2022.
Tenaris, based in Luxembourg, is a subsidiary of the Italian-Argentine group Techint, with operations in much of Latin America, including Mexico.
