Citing sources from people familiar with the matter, the German industrial giant Siemens plans to initiate an acquisition of Dresser-Rand, a US oil and gas equipment manufacturer. The offer price may be above US$85 per share, with a total size exceeding US$6.5 billion. It is reported that the Siemens board will meet this week to vote on whether to initiate an acquisition.
As early as July of this year, German media reported that Siemens considered the acquisition of Dresser Race. If the acquisition is completed successfully, it will be Siemens’ largest acquisition since 2007 and will further strengthen Siemens’ business in the United States. Siemens has previously announced plans to relocate the headquarters of its energy business to the United States so that it can enjoy the benefits of strong demand for oil and natural gas equipment in the process of converting raw material demand from coal to natural gas in the US power industry.
Coincidentally, GE, the US industrial predator, is also negotiating with Dresser-Selain to consider whether to initiate the acquisition of the latter. In recent years, General Electric has been working to expand its industrial business including oil and gas operations. Last year, the company completed a $3.3 billion deal to acquire Lufkin Industries, an oil pressure pump manufacturer.
In addition, the air pump manufacturer Sulzer of Switzerland also said earlier last week that it had conducted non-exclusive discussions with Dresser-Rand on potential acquisitions. The company currently holds a 4.99% stake in Dresser.
Dresser-Rand is one of the world's largest compressor and turbine manufacturers. Analysts believe that industrial giants are targeting this company, mainly because the upsurge of gas exploration in the United States has significantly boosted the demand for gas turbines. As a result of the above acquisition, Dresser-Rand shares rose 9.4% during the regular trading session on the 19th to close at $79.9 per share. This year, the company's share price has risen 36%.
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