03/06/2022 10:35
Tenaris will pay to settle the dispute initiated by the United States Securities and Exchange Commission regarding alleged improper payments made between 2008 and 2013 to a manager of Petrobras for the benefit of Tenaris’s Brazilian subsidiary Confab.
The matter in question was voluntarily notified by Tenaris to the SEC and the United States Department of Justice in 2016, believing that termination with the SEC is the best solution in the interests of the company and its stakeholders.
According to the indictment, Confab Industrial, a Brazilian company controlled by Tenaris, would have paid 10.4 million dollars in bribes between 2008 and 2013 to the Brazilian government to obtain more than 1 billion dollars in Petrobras contracts.
Under the agreement reached with the SEC, Tenaris does not admit or deny the prosecution’s conclusions and will pay a total of $ 78 million to settle the affair.
As recalled by Equita, which maintains a Hold rating on Tenaris with a target price of € 16, precisely on the Petrobas case, the Italian court last week closed the case against the CEO of Tenaris and two other members of the Board of Directors. Meanwhile, at the moment Tenaris moves down by 2.38%, thus finding itself at € 15.45 per share.