Tenaris delists shares in Argentina

Tenaris S.A., Luxembourg, has announced that the Argentine National Securities Commission has authorized the delisting of the company’s shares in Argentina through a voluntarily withdrawal. The delisting of the company’s shares in Argentina will become effective as of the close of business Oct. 10, the company says in a news release.

The company announced June 11 the conditions and requirements for shareholders through the global depositary and custodian for the Argentine stock market. Shareholders have the option to sell shares in other markets where Tenaris shares will continue to trade, migrate shares or keep delisted shares. Shareholders who voted against the proposed delisting may have shares repurchased by the company, Tenaris says.

The company saw a 2 percent increase in sales in the second quarter of 2019 because of higher sales in Mexico and various markets compensated for a seasonal decline in sales in Canada. Operating income declined 9 percent, in part, because of “a major overhaul of our facilities in Mexico," the company says.

In the third quarter, sales will be affected by lower average selling prices, seasonal factors and the impact of major maintenance stoppages "amplified by the triennial intervention in Mexico, before recovering in the fourth quarter."