Siemens AG agreed to buy Dresser- Rand Group Inc. for $7.6 billion including debt as Europe’s largest engineering company expands its business with oil-and- gas equipment in the U.S.

Siemens will pay $83 a share in cash, the Munich-based company said in a statement today. That’s a premium of about 37 percent to Dresser-Rand’s share price in July before reports about a potential bid boosted the stock.

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