Volzhsky Pipe Plant, a manufacturer of steel pipes, offered to acquire a 34.7% stake in TMK, a producer of tubular products for the oil and gas industry, for $298m. In addition, the Board of Directors of TMK evaluated the benefits of the Company retaining a listing of its global depositary receipts on the London Stock Exchange and determined that it was no longer a strategic priority for the Company. The Board of Directors approved the cancellation of the listing of the global depositary receipts on the London Stock Exchange, to be carried out following the completion of the voluntary tender offer.