A PYMNTS Company

EU: Watchdog probes $7.6 billion Siemens-Dresser-Rand deal

By  |  February 15, 2015

The European Commission on Friday launched an in-depth antitrust review of Siemens AG’s $7.6 billion bid for Houston-based energy equipment manufacturer Dresser-Rand Group Inc., citing concerns that the deal may squelch competition for certain kinds of turbines.

The European Union’s antitrust enforcer decided to take a deeper look at the deal after a preliminary probe showed overlap between Siemens and Dresser-Rand for the manufacture of turbo compressors and small steam turbines.

The proposed deal may reduce competition for machinery used by companies throughout the oil and gas distribution chain, including exploration, storage and refining, the European Commission said in an e-mailed statement on Monday. It set a June 19 deadline to rule on the deal.

Full Content: Bloomberg

 

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.