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Siemens to take over Dresser-Rand
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INDUSTRIAL conglomerate Siemens AG yesterday said it would buy US oilfield equipment maker Dresser-Rand Group Inc for US$7.6 billion in a move that would significantly boost the German company’s oil and gas business in North America.
Germany’s Siemens said its US$83 per share bid was unanimously supported by Dresser-Rand’s board of directors.
That compares with a Friday closing price of US$79.91, which was up 27 percent over the past three months on takeover speculation.
Within minutes of that statement, it also announced the sale of its 50 percent stake in BSH Bosch und Siemens Hausgeraete GmbH to joint venture partner Robert Bosch GmbH for 3 billion euros, ending their more than 45-year alliance in household appliances.
“As the premium brand in the global energy infrastructure markets, Dresser-Rand is a perfect fit for the Siemens portfolio. The combined activities will create a world-class provider for the growing oil and gas markets,” Siemens Chief Executive Joe Kaeser said in a statement yesterday.
The German industrial conglomerate had long coveted Dresser-Rand, which would help it grow its oil and gas business at a time when a North American fracking boom is boosting demand for energy equipment.
But it shrank in the past from making a formal bid, balking at its high valuation. Dresser-Rand trades at 24.6 times 12 month forward earnings, a 60 percent premium to its peers in oil and gas equipment and services.
CEO Kaeser said in July that the company planned to focus on restructuring rather than acquisitions for the moment, but would have the financial firepower for the right acquisition target.
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