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NEW YORK (TheStreet) -- Shares of Siemens (SI) - Get Free Report 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 Free 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.

Siemens said it was buying energy assets from Rolls-Royce (RYCEY) for $1.32 billion and transferring a majority stake in its Austrian metals business to Mitsubishi Heavy Industries (MHVYF) .

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