Tenaris S.A. (TS) has announced the initiation of a US$700 million Share Buyback Program, which commenced on November 6, 2024. The company has engaged a leading financial institution to execute the share buybacks on a non-discretionary basis via the open market.
The buyback program is scheduled to begin on November 11, 2024, and will conclude by March 26, 2025.
Previously, Tenaris conducted a $1.2 billion share buyback from November 5, 2023, to August 2, 2024, during which it acquired ordinary shares equivalent to 6.07% of its total issued share capital at the program launch. The current initiative allows for purchases up to $700 million, excluding typical transaction costs, and is capped at a maximum of 46.37 million ordinary shares, making up the remaining 3.93% of the company's issued share capital.
