NEW YORK (TheStreet) -- Shares of Siemens (SI) are up 2.01% to $133.31 as the German engineering firm unveiled a long-awaited restructuring in a move to catch up with more profitable competitors and said it would not be forced into a bidding war with General Electric (GE - Get Report) for the energy assets of France's Alstom, according to Reuters.
CEO Kaeser has been working on the new strategy since taking over last year after a series of profit warnings.
The company posted weaker-than-expected earnings for its fiscal second quarter, hurt by charges in its energy business.
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