European Union antitrust regulators have suspended their investigation into Siemens' $7.6 billion bid for U.S. oilfield equipment maker Dresser-Rand Group while waiting for more data from the German industrial group. The European Commission suspended its probe on March 19, a filing on its website showed on Wednesday. The Commission and the companies could not be immediately reached for comment.Last month the EU competition authority voiced concerns that the merged company would compete only with General Electric in turbo compressors and drivers for trains.Siemens, Europe's largest engineering group, hopes the deal will boost its presence in the U.S. shale oil and gas industry.
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 traded higher by 0.03% or $0.02/share to $79.42. In the past year, the shares have traded as low as $55.03 and as high as $82.95. On average, 905348 shares of DRC exchange hands on a given day and today's volume is recorded at 243263.
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