Boulogne-Billancourt, December 16, 2008 –
Vallourec, world leader in the production of seamless steel tubes, today
announces the completion of “Value 08”, its employee share offering. In this
respect, Vallourec has today completed a capital increase of 750,000 new shares
with a subscription price of €65.99 per share, for a total amount of 49.5
million euros. The nominal value of the capital increase is 3 million euros.
The offer, called “Value 08”, which was
designed to strengthen the employees’ corporate attachment to the activity and
results of the Group by providing them with an opportunity to invest in
Vallourec shares, met with great success. Close to 12,200 employees, in eight countries,
representing 68% of eligible personnel, subscribed to the proposed share
offering. Employee shareholders today represent 1.55% of the Group’s share
capital (compared to 0.14% prior to the offer).
Pierre Verluca, Chairman of the Management
“The operation has been a great success,
particularly in the context of the current international financial crisis. By
subscribing massively, employees have demonstrated their attachment to their
company, as well as their confidence in the strategy and the future of Vallourec.
This operation will thus enable the Group to give more employees around the world
a stake in its performance. It reinforces the “Group spirit”, the cultural glue
of Vallourec. And finally, it enables the Group to build up a long-term
relationship with employee shareholders, contributing to the stabilization of
the Group’s shareholder base.”
The offer was reserved for employees (and
assimilated beneficiaries) of Vallourec and subsidiaries in which Vallourec
owns directly or indirectly more than 50% of the share capital and who have
their registered office in one of the following countries: France, Germany, Brazil,
United States, United Kingdom, Mexico, China and Canada.
The main terms and conditions of the “Value
08” offer were described in a press release dated July 31, 2008, announcing the
implementation of the offering, followed by a press release dated November 17,
2008, announcing the subscription price.