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Commission clears the creation of a joint venture by Tenaris and Severstal

Steel News - Published on Wed, 15 May 2019

Image Source: Reuters
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Tenaris S.A. of Luxembourg and PAO Severstal of the Russian Federation. The joint venture will build and operate a plant in the Russian Federation for the manufacturing and supply of certain types of tubular products for the oil and gas industry in the Russian Federation and in the Commonwealth of Independent States. Tenaris is active in the manufacturing and supply of seamless and welded tubular products and related services for the oil and gas industry. Severstal is active in mining and in the manufacturing and supply of steel products.

The Commission concluded that the proposed transaction would raise no competition concerns given that the proposed joint venture will not have any assets in or make any sales into the territory of the European Economic Area. The transaction was examined under the simplified merger review procedure.

Source :

Posted By : Rabi Wangkhem on Wed, 15 May 2019
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