Germany’s Siemens Pays Steep Price For Oilfield Equipment Maker Dresser-Rand

摘要

Dresser-Rand Group Inc. (NYSE: DRC), an E&P equipment giant and oilfield equipment maker, announced late Sept. 21 it would merge with the German engineering firm Siemens. Siemens will pay $7.6 billion in a merger agreement, or $83 per share in cash for U.S. equipment maker including assumption of debt. The share price represents a premium of 37.4% over Dresser-Rand’s closing share price of $60.42 on July 16, the day before speculation in the press appeared regarding interest in Dresser-Rand. Months later, Dresser-Rand’s closing price of $79.91 per share on Sept. 19 is slightly below the agreed upon transaction price.