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| Tenaris sells participation in Dalmine Energie to E.ON Tenaris S.A. has signed a letter of intent with E.ON Sales and Trading GmbH, an indirect subsidiary of E.ON AG, for the sale to E.ON of a 75% interest in Dalmine Energie, Tenaris's Italian energy supply business, for a purchase price of approximately €39 million (approximately US$50 million), subject to adjustments. The purchase price reflects an enterprise valuation for Dalmine Energie of approximately €72 million (approximately US$92 million). The transaction, which is subject to negotiation and execution of definitive documentation, clearance by the applicable competition authorities and customary due diligence conditions, is expected to close before the end of 2006. Tenaris is the leading global manufacturer and supplier of tubular products and services used in the drilling, completion and production of oil and gas and a leading supplier of tubular products and services used in process and power plants and in specialized industrial and automotive applications. write your comments about the article :: © 2006 Construction News :: home page |