Vallourec, a specialist in premium tubular solutions has recently closed the acquisition of a majority stake (50.61%) in the Chinese company, Anhui Tianda Oil Pipe Company Limited (TOP) and thereby increased its total stake to 70.07%[1]. This process coincides with the commencement of a mandatory unconditional cash bid for the remaining minority interest in TOP, which will close on December 2, 2016, unless Vallourec revises or extends the bid in accordance with the Hong Kong Code on Takeovers and Mergers. The two transactions value TOP’s share (50.61% + 29.93%) at approximately USD 175M.
“The integration of Anhui Tianda Oil Pipe fulfills a long-term strategic vision. By combining Vallourec’s leadership in premium solutions with TOP’s highly competitive operations, we are able to offer a wide range of competitive products that are perfectly suited to our customers’ current needs and challenges” said Philippe Crouzet, Chairman of the Management Board. Didier Hornet, SVP Eastern Hemisphere in charge of the Oil & Gas strategy, added: “we are delighted to welcome the TOP teams that have been our partners over the past five years for the delivery of tubes both to the Chinese market and to export markets”.