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Siemens CEO says Dresser-Rand acquisition still makes sense - CNBC

Reuters

MUNICH (Reuters) - Joe Kaeser, chief executive of German industrial group Siemens (SIEGn.DE), said the company's decision to pursue a $7.6 billion (5 billion pound)takeover of U.S. oilfield equipment maker Dresser-Rand (DRC.N) was still a sensible move.

"Absolutely it does make sense," Kaeser told CNBC television after the company released its quarterly results.

"We are in here through the cycle and we are in here for the long term," he said.

Investors are keen to know how the Dresser-Rand acquisition, agreed in September in a scramble not to be left behind by the U.S. shale boom, will benefit them, given the halving of the oil price since then to around $49.

(Reporting by Jens Hack and Georgina Prodhan, writing by Thomas Atkins; Editing by Kirsti Knolle)