General Electric Co.’s (NYSE: GE) burgeoning interest in oil and gas assets and a cash stockpile approaching the highest level in at least a decade is turning Dresser-Rand Group Inc. (NYSE: DRC) and Dril-Quip Inc. (NYSE: DRQ) into potential takeover targets.

Chief executive officer Jeffrey Immelt built the company’s oil and gas unit, GE’s fastest-growing business since 2008, through acquisitions including the July purchase of Lufkin Industries Inc. for more than $3 billion. Sanford C. Bernstein & Co. sees GE deploying some of its $19.3 billion in cash on takeovers amid a boom in U.S. drilling.

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