You are here: Home > Steel News > Latest Steel News > Spain’s...

Spain’s Tubacex to jointly control OCTG business with UAE’s Mubadala

Monday, 07 October 2024 14:00:44 (GMT+3)   |   Istanbul
       

The European Commission has announced that it has approved the acquisition of joint control of Spain-based TBX NewCo Spain S.L.U. and the UAE-based TBX Upstream Seamless Pipes L.L.C. by Spanish seamless stainless steel pipe producer Tubacex S.A. and the UAE-based sovereign wealth fund Mubadala Investment Company.

According to its statement, after concluding that the transaction would not raise competition concerns given the companies’ limited market positions in the EU as a result of the proposed transaction, the EC decided to approve the deal.

In May this year, Tubacex had signed an agreement with the Mubadala for the sale of a 49 percent stake in its tubular solutions business for oil and gas exploration and production of oil country tubular goods (OCTG), as SteelOrbis reported previously.


Similar articles

India’s Welspun Corp receives orders worth $155 million for HSAW pipe supply to US

05 Nov | Steel News

Italy’s Cogne completes acquisition of Mannesmann Stainless Tubes

05 Nov | Steel News

US issues final AD margin for LD welded pipe from Canada

05 Nov | Steel News

US rig count remains the same week-on-week while Canadian rig count decreases

04 Nov | Steel News

Nucor Tubular Products to increase cutting quality with new equipment from Danieli

31 Oct | Steel News

Chinese steel pipe export offer prices move sideways, outlook turns negative

30 Oct | Tube and Pipe

EU’s organic coated sheet and wire rod import quotas for Turkey almost used up

30 Oct | Steel News

US mechanical tubing exports up 8.6 percent in August from July

29 Oct | Steel News

US rig count remains the same week-on-week while Canadian rig count decreases

29 Oct | Steel News

US structural pipe and tube exports down 4.4 percent in August from July

28 Oct | Steel News