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Monday, September 22, 2014

Sulzer ends talks with Dresser-Rand after Siemens bid, (NYSE: DRC)

Swiss pump maker Sulzer said it had ended talks over a merger with Dresser-Rand Group Inc after Germany's Siemens offered to purchase the U.S. oilfield equipment maker for $7.6 billion. "Sulzer has terminated the talks with Dresser-Rand," Sulzer spokesman Verena Goelkel said in an emailed statement on Monday.The Swiss firm, which is controlled by Russian billionaire Viktor Vekselberg, had said last week it was in non-exclusive talks with Dresser-Rand.Siemens said earlier on Monday it was offering $7.6 billion for Dresser-Rand. The Financial Times said on Friday General Electric may also be mulling a bid.Sulzer shares were indicated to open 1.8 percent lower on Monday, according to premarket indications from bank Julius Baer.

Dresser-Rand Group Inc. is a global supplier of of custom-engineered rotating equipment solutions for long-life, critical applications in the oil, gas, chemical, petrochemical, process, power generation, military and other industries worldwide. Shares of DRC traded higher by 9.42% or $6.88/share to $79.91. In the past year, the shares have traded as low as $51.46 and as high as $82.50. On average, 1507510 shares of DRC exchange hands on a given day and today's volume is recorded at 12195438.