European Commission to probe Siemens' proposed deal for Dresser-Rand

• The European Commission says it has opened an investigation to assess whether Siemens' (OTCPK:SIEGY +1.5%) proposed $7.6B acquisition of Dresser-Rand (DRC +0.1%) is in line with EU antitrust regulations.
• Siemens is seeking to reinforce its presence in the U.S. shale oil and gas industry through the deal; both companies supply turbo compressors as well as the engines which drive the compressors.
• The EC now has 90 working days, until June 19, to complete its probe.