Siemens to buy US oil and gas firm Dresser-Rand
September 22 , 2014
The German industrial giant Siemens is set to purchase US firm Dresser-Rand in a deal worth $7.6bn, reports say. Siemens, which has a strong presence in electronics and electrical engineering as well as healthcare and energy industries, hopes to increase its North American oil and gas business after this deal.
Siemens announced that its $83-a-share bid was supported by the board of directors of Dresser-Rand. Regulators in the US and Europe and the shareholders of Dresser-Rand need to approve the deal, which Siemens hopes will be completed by summer 2015.
Dresser-Rand is one of the world's largest equipment suppliers to the global petrochemical industries. Siemens announced its intention of retaining the Dresser-Rand name and operating it as Siemen’s oil and gas business going forward.