Boulogne-Billancourt, 1 April 2011 -
Vallourec, world leader in premium tubular solutions, announces today that it
has completed the acquisition of 19.5% of the share capital of Tianda Oil Pipe
Company Limited. The transaction, which was subject to approval by shareholders
of Tianda Oil Pipe and regulatory approvals by Chinese and Hong Kong authorities,
was achieved through a reserved capital increase, in accordance with the agreement
announced on 15 September 2010.
Listed on the Hong Kong stock exchange, Tianda
Oil Pipe is a Chinese seamless pipe manufacturer of OCTG (oil country tubular
goods). As previously indicated, a cooperation agreement provides for VAM
Changzhou, a Vallourec company, to thread pipes from Tianda Oil Pipe locally to
serve the domestic Chinese premium OCTG market.