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Siemens To Acquire Dresser-Rand For $7.6 Billion

BI India BureauSep 22, 2014, 18:41 IST

Industrial conglomerate Siemens AG has announced to buy US oilfield equipment maker Dresser-Rand Group Inc for $7.6 billion. This would enhance its oil and gas business in North America.

Siemens said its $83 per-share bid was collectively supported by Dresser-Rand's board of directors.

"As the premium brand in the global energy infrastructure markets, Dresser-Rand is a perfect fit for the Siemens portfolio. The combined activities will create a world-class provider for the growing oil and gas markets," Siemens Chief Executive Joe Kaeser said in a statement today (Monday).

The German industrial conglomerate had long coveted Dresser-Rand, which would help it grow its oil and gas business.