German industrial group Siemens secured unconditional European Union regulatory approval on Monday for its proposed $7.6 billion bid for U.S. oilfield equipment maker Dresser-Rand.
The European Commission said the deal, Siemens’ largest ever takeover, would not hurt competition, confirming a Reuters report on May 8.
“After a detailed assessment of the markets involved, the Commission is satisfied that European consumers will not be negatively affected by the merger,” European Competition Commissioner Margrethe Vestager said in a statement.
Siemens, which makes trains to turbines, is looking to the deal to expand its presence in the United States and the shale exploration boom. It will also help it compete better with rival General Electric.
Vestager, who is also doing an extensive probe into General Electric’s bid for Alstom’s power unit, said: “Today’s decision proves that even after an in-depth analysis, the Commission can unconditionally approve a merger if it does not have a negative effect on competition.”