Industrial conglomerate Siemens AG said on Monday it would purchase U.S. oilfield equipment maker Dresser-Rand Group Inc for $7.6 billion in a move that would significantly boost the German company's oil and gas business in North America.Germany's Siemens said its $83 per-share bid was unanimously supported by Dresser-Rand's board of directors. That compares with a Friday closing price of $79.91, which already had been bolstered by takeover speculation in the past several days.In a separate statement, it announced the sale of its 50 percent stake in BSH Bosch und Siemens Hausgeraete GmbH to joint venture partner Robert Bosch GmbH for 3 billion euros ($3.85 billion), ending their more than 45 year alliance in household appliances."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 on Monday.
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.
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