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Tuesday, March 10, 2015

EU antitrust regulators extend Siemens, Dresser-Rand deal probe, (NYSE: DRC)

European Union antitrust regulators have extended their investigation into Siemens' $7.6-billion proposed takeover of U.S. oilfield equipment maker Dresser-Rand Group Inc , the European Commission said. The EU competition watchdog will now decide by July 14 instead of June 30 whether to clear the deal, one of Siemens' biggest.The extra time will allow the Commission to do a more thorough investigation of the issues, said a person familiar with the matter.The EU executive opened a full-scale probe last month, saying the deal by Europe's largest engineering group may reduce competition as the merged company would only compete with General Electric in turbo compressors and drivers for trains.It also cited concerns about possible higher prices.

Dresser-Rand Group Inc. is a supplier 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 fell by 0.12% or $-0.1/share to $81.11. In the past year, the shares have traded as low as $54.10 and as high as $82.95. On average, 850470 shares of DRC exchange hands on a given day and today's volume is recorded at 186266.