oil drilling Copyright David McNew/Getty Images

Siemens to Buy Oil Equipment Maker Dresser-Rand for $7.6 Billion

Siemens beats out competitors in a bid for Dresser-Rand's booming shale oil and gas business.

WASHINGTON - Germany's Siemens (IW 1000/35) on Sunday announced it will buy U.S. oil equipment maker Dresser-Rand Industries (IW 500/289), for $7.6 billion.

Siemens said it offered $83 per share, which puts the value of the deal at $7.6 billion or 5.8 billion euros, the company said on its website.

Sources close to the matter had confirmed to AFP Friday that GE (IW 500/7) had preliminary discussions with the Houston, Texas company, though they would not say whether GE intended to make a formal offer.

Siemen's Swiss rival Sulzer was also reportedly eyeing Dresser-Rand.

The interest comes as the group enjoys a business surge on the back of U.S. shale oil and gas drilling.

Copyright Agence France-Presse, 2014

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