December 9, 2014 / 8:55 AM / 5 years ago

Siemens CEO says won't walk away from Dresser-Rand deal

FRANKFURT, Dec 9 (Reuters) - Siemens Chief Executive Joe Kaeser said he would not consider pulling out of a deal to buy U.S. oilfield equipment maker Dresser-Rand as oil prices decline.

“If we walked away from that deal we would see a lot of happy competitors. That is why we do not even think about walking away. We are in this for the long haul,” Kaeser said at an investor conference on Tuesday.

Siemens in September agreed to buy Dresser-Rand for $7.6 billion in cash, paying a relatively rich price to belatedly beef up its presence in the U.S. shale oil and gas industry.

Since then, crude oil prices have dropped by almost a third to close to $60 per barrel. (Reporting by Maria Sheahan; Editing by Kirsti Knolle)

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