Share buyback program 2023 -2024
Share buyback program of up to USD 1.2 billion
On November 1, 2023, Tenaris’s Board of Directors approved a share buyback program of up to $1.2 billion (which, at the closing price of November 1, 2023 on the Milan Stock Exchange would represent 75.4 million shares, or 6.4% of Tenaris’s outstanding shares), to be executed within a year, with the intention to cancel the ordinary shares acquired through the program.
The decision and opportunity of initiating the buyback program is driven by the company’s significant cash flow generation and strong balance sheet.
The buyback program will be carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, which may be renewed or extended, up to a maximum of 10% of the Company´s shares.
The program will be divided in tranches and purchases will be executed through a primary financial institution.
The buybacks may be ceased, paused and continued at any time, subject to compliance with applicable laws and regulations.
Tenaris will provide updates on the buyback program via press releases and on this corporate website. The buybacks will be carried out subject to market conditions and in compliance with applicable laws and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
USD 300 million First Tranche of Tenaris’s USD 1.2 Billion Share Buyback Program
On November 5, 2023 Tenaris announced that pursuant to its Share Buyback Program (the “Program”) announced on November 1, 2023, covering up to $1.2 billion to be executed in the open market with the intent to cancel the ordinary shares acquired through the Program, Tenaris has entered into a non-discretionary buyback agreement with a primary financial institution (the “Bank”).
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.
This first tranche of the Program started on November 6, 2023, and end no later than February 9, 2024. Ordinary shares purchased under the Program will be cancelled in due course.
Reporting of transactions in accordance with Market Abuse Regulation
First Tranche of Share Buyback Program
The list of trades will be published here on a weekly basis. If no update is disclosed for a given week that means no shares were purchased during that week.