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Vallourec & Mannesmann Tubes to Take Over MRW-Stake

24 March 2000

Vallourec & Mannesmann Tubes to Take Over MRW-Stake

    DUESSELDORF, Germany, March 23 Mannesmannroehren-Werke AG
(MRW) and Vallourec & Mannesmann Tubes (V&M Tubes) -- a joint venture of MRW
and Vallourec -- have agreed that V&M Tubes will take over the 76% stake in
Mannesmann SA Brazil held by MRW.
    This step is in line with the objective agreed in 1997 to concentrate
MRW's and Vallourec's world-wide hot finished seamless steel tube businesses
in V&M Tubes.
    Mannesmann SA, the largest seamless steel tube producer in Brazil,
generated sales of approx. 200 Million euros in 1999.
    The exact date of the stake transfer will be determined following
conclusion of the due diligence currently in progress.  On completion of the
transaction V&M Tubes may submit a take-over bid to the minority shareholders.