European Regulators Clear Siemens' Buyout of Dresser-Rand

NEW YORK (AP) — European regulators have cleared Siemens' $7.6 billion acquisition of the U.S. oilfield equipment-maker Dresser-Rand. 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. The deal is scheduled to close on June 30. Siemens AG has agreed to pay $83 per common share of Dresser-Rand, which has a market capitalization of $6.12 billion. The deal includes assumption of debt.