Dresser-Rand Group Inc. Shares Rally 12% On Rumor Of Siemens Bid

Following reports from multiple media sources that

may make a bid for

, shares of Dresser-Rand rallied over 12 percent in the early part of Friday's market session. The rumor first came from Germany's

, which reported the bid may be more than $6.1 billion or $80 per share. Subsequent reports have surfaced including one from

, which said the bid could be as much as $85 per share. The rumor has sparked concerns that a bid from Siemens could put the ax on a potential merger between Dresser-Rand and Sulzer, a Swiss pump maker. These concerns have sent Sulzer's shares down close to four percent. According to the reports, Siemens has declined to comment on the potential bid for Dresser-Rand.