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