Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 109

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 109
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 of approximately $13.6
million. However, following the completion of the previously mentioned purchase price allocation and a concurrent price adjustment, the
business combination resulted in a bargain purchase of approximately $2.2 million, recorded in Other operating income.

Acquisition-related costs for the year ended December 31, 2024 and 2023,
amounted to $1.3 million and $1.1 million, respectively and were included
in general and administrative expenses.

The price purchase allocation of the remaining business combinations that
occurred during 2023 were finalized during the year ended December 31, 2024 without any further adjustments.

| - 71 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

| 35 | Share Buyback Programs |

First Share Buyback Program

On November 1, 2023, the Company’s board of directors approved a
share buyback program of up to $1.2 billion, to be executed within a year, with the intention to cancel the ordinary shares acquired through
the program.

The share buyback program was carried out under the authority granted by
the annual general meeting of shareholders held on June 2, 2020, up to a maximum of 10% of the Company’s shares.

For purposes of carrying out each tranche of the first share buyback program,
Tenaris entered into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning the
timing of the purchases of Tenaris’s ordinary shares independently of and uninfluenced by Tenaris and acted in compliance with applicable
rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.

During the first share buyback program, which was divided into four tranches
and ran from November 5, 2023, to (and including) August 2, 2024, the Company purchased 71,679,768
ordinary shares, representing 6.07% of the Company’s issued share capital at the beginning of
the program, for a total consideration of $1.2 billion.

Second Share Buyback Program

On November 6, 2024 the Company’s board of directorsapproved a follow-on share buyback program of up to $700 million, with the intention to cancel the ordinary
shares acquired through