August 20, 2009 / 5:43 AM / 10 years ago

Tenaris says Venezuela takes control of Matesi

MILAN, Aug 20 (Reuters) - Steel pipes maker Tenaris (TENR.MI)TENA.BAsaid Venezuela had taken operational control of Matesi Materiales Siderurgicos SA and that it was ready to discuss terms for a handover of the unit.

In a statement, the company (TS.N) said it was “prepared to engage in discussions with the Venezuelan government regarding the fair and adequate terms and conditions for the transfer of Matesi to Venezuela.” Venezuela President Hugo Chavez announced in May he would nationalise the sector. [ID:nNSP475384]

Tenaris said it still reserved its rights under Venezuelan law and investment treaties. (Reporting by Jo Winterbottom; Editing by Jon Loades-Carter)

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