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Friday, September 19, 2014

Sulzer shareholder Renova has 4.99 percent stake in Dresser-Rand, (NYSE: DRC)

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand Group Inc ., which might become the object of a takeover battle. Swiss pump maker Sulzer, in which Renova Group has a 33 percent stake, said this week it was in non-exclusive talks with compressor and turbine maker Dresser-Rand, and media reported on Friday Germany's Siemens was also considering a bid.

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 remained unchanged at $73.03. In the past year, the shares have traded as low as $51.46 and as high as $75.32. On average, 1324320 shares of DRC exchange hands on a given day and today's volume is recorded at 347081.