Siemens defends US$7.6b Dresser-Rand deal
[FRANKFURT] Siemens executives defended their US$7.6 billion deal to buy US oilfield equipment firm Dresser-Rand, saying oil demand would grow long-term and synergies could increase.
"There's no reason to think there's a different valuation now than at the time we agreed it," Chief Financial Officer Ralf Thomas told journalists, responding to concerns about investments in shale exploration falling with the oil price.
Siemens earlier reported that profits from its industrial units fell 4 per cent last quarter, ahead of an annual shareholder meeting expected to be stormy as investors challenge the Dresser-Rand acquisition.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish