Siemens (SI) Strikes $7.6B Deal To Buy Dresser-Rand (DRC)

Siemens AG (ADR) (NYSE:SI) (FRA:SIE) (ETR:SIE) agreed to acquire U.S. oilfield equipment maker Dresser-Rand Group Inc. (NYSE:DRC) for $7.6 billion, paying $83 a share in cash.

The Munich-based company is shifting to the U.S. energy market, partly due to Germany’s strict controls over shale-gas exploration.

Siemens – Dresser-Rand cash takeover bid

German engineering company Siemens AG (ADR) (NYSE:SI) (FRA:SIE) (ETR:SIE) said in a statement it will acquire Dresser-Rand Group Inc. (NYSE:DRC) for $7.6 billion including debt. Siemens beat out Swiss rival Sulzer, which had been in talks with the U.S. oilfield equipment maker over a stock-based merger. However, the all-cash nature of the bid from Siemens likely proved decisive in striking...