Company: TNRSF
Filing Date: 2025-04-07
Form Type: 6-K
Source: 0001171843-25-002038
Chunk: 41

Company: TENARIS SA
Filing Date: 2025-04-07
Form: 6-K
Chunk 41
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 of the first share buyback program and the corresponding
reduction of the Company’s issued share capital. The 53,900,466 shares repurchased under the second, third and fourth tranches of
the first share buyback program are held in treasury and are proposed to be cancelled at this Extraordinary General Meeting of Shareholders.

On 6 November 2024, the Board of Directors approved a follow-on
share buyback program of up to $700 million (excluding incidental transaction fees), subject to a maximum of 46,373,915 ordinary shares,
representing the remaining 3.93% of the Company’s issued share capital (measured as of the launch of the first share buyback program),
to complete the maximum of 10% of the share capital that may be repurchased by the Company, with the intention to cancel the acquired
shares. This second share buyback program was also carried out under the authority granted by the annual general meeting of shareholders
held on 2 June 2020, to repurchase up to a maximum of 10% of the Company’s shares. For purposes of carrying out the
second share buyback program, the Company entered into non-discretionary buyback agreement with a primary financial institution, which
make trading decisions concerning the timing of the purchases of the Company’s shares independently of and uninfluenced by the Company
and act in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052.

The second share buyback program ran from 11 November 2024,
to (and including) 4 March 2025. During this share buyback program, the Company repurchased 36,862,132 ordinary shares, representing
3.12% of the Company’s issued share capital as measured at the beginning of the first program, for a total consideration of approximately
$700 million. Shares repurchased under the second share buyback program are held in treasury and are proposed to be cancelled at this
Extraordinary General Meeting of Shareholders.

Accordingly, it is proposed that the Extraordinary General Meeting of Shareholders
approve the cancellation of 90,762,598 ordinary shares repurchased by the Company during the second, third and fourth tranches of the
first share buyback program and during the second share buyback program, which are currently held in treasury. It is also proposed that
the Extraordinary General Meeting of Shareholders