Why Siemens (SI) Stock Is Up

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) 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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