Rumors Of Another BIG Acquisition?
Siemens Eyes Dresser-Rand
Reuters has reported that German engineering group Siemens has been preparing an offer to acquire U.S.-based compressor and turbine maker Dresser-Rand.
Citing sources close to Siemens, German magazine Manager Magazin said that Siemens chief executive Joe Kaeser had mandated Lazard to put together an offer for Dresser-Rand, which has a market value of US$4.6 billion.
An acquisition of Dresser-Rand would be Siemens's biggest since it bought Dade Behring for US$7 billion under Kaeser's predecessor Peter Loescher in 2007, in a deal that was criticized as overpriced.
According to Manager Magazin, Siemens put efforts to prepare an offer for Dresser-Rand on hold while the company entered into a bidding war for peer Alstom's energy assets, which ended last month as France chose GE to form an alliance with Alstom.
Siemens declined to comment on the report. Dresser-Rand was not immediately available to comment.