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Siemens buys US oil and gas firm Dresser-Rand

22/09/2014 by

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The American firm makes oilfield equipment and, under the deal, it will become "the platform for oil and gas equipment solutions within Siemens."

The German firm said its $83-a-share bid had been unanimously supported by Dresser-Rand's board of directors.

Siemens is hopeful the transaction will be completed by next summer.

The acquisition is subject to approval by Dresser-Rand shareholders, as well as approval from regulators in Europe and the US.

The deal gives Siemens access to the US oil industry at a time when a drilling boom for oil in North America has led to higher demand for energy services and equipment.

Siemens - Europe's largest engineering company - "plans to operate Dresser-Rand as the company's oil and gas business retaining the Dresser-Rand brand name and its executive leadership team", a statement issued by Dresser-Rand says.

"In addition, Siemens intends to maintain a significant presence in Houston, which will be the headquarters location of the oil and gas business of Siemens."'Leveraging strengths'

In the statement, Lisa Davis, a member of the managing board of Siemens said: "Our aim is to become the leading rotating equipment and process system integrator for the oil and gas industry.

"Dresser-Rand has strong presence in oil and gas, a reputation for technology leadership and innovation, and a talented and experienced leadership team."

Dresser-Rand ranks among the world's largest suppliers of equipment to the global oil, gas, petrochemical and process industries.

This article has been extracted from http://www.bbc.co.uk/, please click on this link to read the article in full http://www.bbc.co.uk/news/business-29306017

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