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Vallourec to Raise $1.1 Billion With Nippon Steel's Help
2016-02-01 08:01:05| Steel - Topix.net
Vallourec SA, the French maker of steel tubes for the oil and gas industry, plans to raise 1 billion euros partly by selling new shares to fund its restructuring in Europe and Brazil as the slump in oil prices has prompted oil companies to cut investment. The group intends to raise new capital through a combination of a rights issue of about 510 million euros, with the balance coming from a so-called mandatory convertible bond reserved to French state-owned fund Bpifrance and Japanese steelmaker Nippon Steel & Sumitomo Metal Corp., the company based near Paris said Monday in a statement.
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Category:Materials