European Commission clears Dresser-Rand’s merger with Siemens

Dresser-Rand Group Inc., a global supplier of rotating equipment and aftermarket parts and services, has merged with Siemens. The European Commission cleared the Company’s merger with Siemens, and all of the conditions precedent regarding regulatory matters have now been satisfied.

AG has agreed to pay $US83 ($A108.07) per common share of Dresser-Rand, which has a market capitalisation of $6.12 billion. The deal includes assumption of debt. The German electronics and engineering company is beefing up its global oil and gas and power generation businesses, seeing growth opportunities in Dresser-Rand's portfolio of compressors, steam and gas turbines and engines.

Siemens Dresser-Rand Group Inc, based in Houston and Paris, has annual revenue of around $US3 billion and employs about 8,100 people. The company will retain its name and become Siemens' oil and gas business, based in Houston.