Tenaris, Hydril merger to close on May 7; Hydril shareholders approve

By Lisa Kerner

Charlotte, N.C., May 2 - Tenaris SA expects its acquisition of Hydril Co. to be completed on May 7 following the approval by a majority of Hydril's stockholders on Wednesday.

To fund the acquisition and to refinance existing debt, Tenaris and the subsidiary that will merge with and into Hydril have entered into syndicated term loan facilities totaling $2 billion.

Luxembourg-based Tenaris is a global manufacturer and supplier of tubular products and related services for the oil and gas industry and other industrial applications.

Hydril is a Houston-based manufacturer of connection and pressure control products used for oil and gas drilling and production.

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