In Spain, TUBOS REUNIDOS has announced its plan to merge with its larger Spanish rival. The deal will create Europe's second-biggest steel tubing business after French VALLOUREC. With 18 factories and 4,200 employed, the new group is expected to make an annual turnover of €1.625 billion and produce 1.4 million tonnes of tubes each year. CONDESA will become the largest shareholder of the group with 40.01% of the capital and BBVA, which holds 22% of TUBOS, will be second largest.