Tenaris Completes Share Buyback Tranche, Starts New One

TL;DR

Tenaris just finished buying back shares and is starting another round of its $1.2B buyback program.

AI Summary

On June 14, 2024, Tenaris S.A. announced the completion of the third tranche and the commencement of the fourth tranche of its USD 1.2 billion share buyback program. This action is part of Tenaris's ongoing capital allocation strategy.

Why It Matters

This indicates Tenaris is actively returning capital to shareholders, potentially boosting share value and signaling confidence in its financial health.

Risk Assessment

Risk Level: low — The filing is a routine update on a previously announced share buyback program, with no new material risks introduced.

Key Numbers

• USD 1.2 Billion — Share Buyback Program (Total authorized amount for repurchasing company shares.)

Key Players & Entities

• Tenaris S.A. (company) — The company making the announcement.
• USD 1.2 Billion (dollar_amount) — The total value of the share buyback program.
• June 14, 2024 (date) — The date of the announcement.
• Giovanni Sardagna (person) — Signatory for Tenaris S.A.

FAQ

Filing Documents

• f6k_061424.htm (6-K) — 12KB
• hdr1.jpg (GRAPHIC) — 13KB
• hdr2.jpg (GRAPHIC) — 2KB
• 0001171843-24-003452.txt ( ) — 34KB

From the Filing

FORM 6 - K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a - 16 or 15d - 16 of the Securities Exchange Act of 1934 As of June 14, 2024 TENARIS, S.A. (Translation of Registrant's name into English) 26, Boulevard Royal, 4th floor L-2449 Luxembourg (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F. Form 20-F _ Ö _ Form 40-F ___ The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris’s Press Release announcing Tenaris completes Third Tranche and commences Fourth Tranche of its USD1.2 Billion Share Buyback Program. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: June 14, 2024 Tenaris, S.A. By: /s/ Giovanni Sardagna Giovanni Sardagna Investor Relations Officer Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com Tenaris completes Third Tranche and commences Fourth Tranche of its USD1.2 Billion Share Buyback Program Luxembourg, June 14, 2024. - Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today the completion of the third tranche and the commencement of the fourth tranche of its USD1.2 billion Share Buyback Program announced on November 1, 2023 (the “Program”). During the third tranche, which ran from May 13, 2024, to (and including) June 13, 2024, the Company purchased a total of 18,080,524 ordinary shares for a total consideration of EUR276,630,414, or USD300 million. As of June 14, 2024, the Company held in treasury 34,447,527 ordinary shares (including 16,367,003 ordinary shares bought in the second tranche), equal to 2.96% of the total issued share capital. On June 14, 2024, Tenaris entered into a non-discretionary buyback agreement with a primary financial institution (the “Bank”) for the execution of the fourth tranche of the Program, covering up to the remainder amount of the Program. This fourth tranche shall start on June 17, 2024, and end no later than October 31, 2024, and will cover an amount of up to USD300 million. The Bank will make its trading decisions concerning the timing of the purchases of Tenaris’s ordinary shares independently of and uninfluenced by Tenaris and will act in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (the “Regulations”). Under the buyback agreement, purchases of shares may continue during any closed periods of Tenaris in accordance with the Regulations. Ordinary shares purchased under the Program will be cancelled in due course. Any buyback of ordinary shares in relation to this announcement will be carried out under the authority granted by the general meeting of shareholders held on June 2, 2020, up to a maximum of 10% of the Company’s capital, or any renewed or extended authorization to be granted at a future general meeting of the Company. Some of the statements contained in this press release are “forward-looking risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies. Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

View Full Filing

View this 6-K filing on SEC EDGAR