Siemens to acquire Dresser-Rand for $7.6 billion

[Omaha Steve]

Source: AP-Excite

HOUSTON (AP) — German electronics and engineering company Siemens AG has reached a deal to acquire oilfield equipment maker Dresser-Rand for $7.6 billion.

Under the deal announced early Monday in Germany, Siemens will pay $83 per common share of Dresser-Rand Group Inc., $3.09 more than the company's closing share price on Friday. Dresser Rand's market capitalization is $6.12 billion. The deal includes assumption of debt.

Dresser-Rand's board of directors unanimously recommended the offer to shareholders, and Siemens expects to close the deal by summer, according to a statement from the company.

Siemens said in a statement that Dresser-Rand's portfolio of compressors, steam and gas turbines and engines complements Siemens' existing offerings mainly in the growing global oil and gas and power generation businesses.

FULL story at link.


Read more: http://apnews.excite.com/article/20140922/us--siemens-dresser-rand-1cb8942232.html

[Initech]

1. These mega mergers are getting ever more disgusting.

More for the billionaires, less for us.

[shenmue]

2. Just what we need, more concentration of power!

Think of how awesome life will be when there are no alternatives!

[Initech]

3. The words "Siemens" and "concentration" should never be that close together ever again!

http://www.cracked.com/article_15767_third-reich-to-fortune-500-five-popular-brands-nazis-gave-us_p6.html

[OnyxCollie]

4. Did Siemens pick up that turd from Halliburton

so they could do business in Iran?

[Dreamer Tatum]

6. Halliburton? How are they involved? nt

[reorg]

5. Siemens is affected by sanctions against Russia

So this deal might serve as compensation, opening up new markets perhaps.

In an interview earlier this year, some tv asshat was trying to take Siemens boss Joe Kaeser to task: "What exactly did you have in mind visiting Russia at this point in time when it runs counter to everything the West is trying to do!", bla bla bla. Mr Kaeser remained calm and stated that Siemens has been doing business with Russia for 160 years and does not intend to change its plans due to some short-term turbulences.