Vallourec has announced the success of the mandatory and unconditional cash bid launched on 4 November 2016 for the minority interests of Tianda Oil Pipe (TOP).
On 14 November 2016, Vallourec announced it held 70.07% of TOP’s equity following the acquisition of a 50.61% controlling stake, it being specified that Vallourec held 19.46% of TOP’s equity since 2011.
Vallourec now holds 99.03% of TOP’s equity and will create a new and highly competitive production hub in China to supply a wider range of solutions combining VAM® connections and Tianda’s very competitive tubes to the domestic and export markets.
Read the article online at: https://www.worldpipelines.com/business-news/07122016/vallourec-controls-9903-of-tianda-oil-pipes-equity/