Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 108

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 108
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 subsequently reclassified to the Tubes segment.

| § | Fair value of net assets acquired |

The application of the acquisition method requires certain estimates and
assumptions, mainly concerning the determination of the fair values of the acquired intangible assets, property, plant and equipment as
well as the liabilities assumed at the date of the acquisition, including the timing and amounts of cash flow projections, the revenue
growth rates, the customer attrition rates and the discount rate. The fair values determined at the acquisition date are based on discounted
cash flows and other valuation techniques.

The purchase price allocation was carried out with the assistance of a
third-party expert. Following IFRS 3, during the twelve month following the acquisition date, the Company continued reviewing the allocation
and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value
of the identifiable assets acquired such as property, plant and equipment, intangible assets, working capital and other assets and liabilities.

The allocation of the fair values determined for the assets and liabilities
arising from the acquisition is as follows:

| Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) in Millions of USD: |     | Final |     |   |     | Preliminary |     |   |
|:-------------------------------------------------------------------------------------------------------------|:----|:------|----:|:--|:----|:------------|----:|:--|
| Property, Plant and Equipment                                                                                |     |       | 115 |   |     |             | 126 |   |
| Intangible assets                                                                                            |     |       |  14 |   |     |             |  29 |   |
| Working capital                                                                                              |     |       |  (2 | ) |     |             | (13 | ) |
| Cash and Cash Equivalents                                                                                    |     |       |  20 |   |     |             |  21 |   |
| Provisions                                                                                                   |     |       |  (7 | ) |     |             |  (7 | ) |
| Other assets and liabilities, net                                                                            |     |       |  11 |   |     |             |  13 |   |
| Net assets acquired                                                                                          |     |       | 152 |   |     |             | 169 |   |

The fair value of the net assets acquired shown above amounted to approximately
$152.5 million. The preliminary purchase price allocation resulted in a goodwill