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. Last Updated: 07/27/2016

MG Streamlines

FRANKFURT, Germany -- German industrial group Metallgesellschaft AG, which was on the brink of bankruptcy five years ago, announced a restructuring plan Monday aimed at further streamlining its business.

Metallgesellschaft said it would buy a 74.85 percent stake in engineering firm Gea AG f bolstering its engineering business f and spin off its metals trade and building systems operations.

"The capital markets see the metals business as highly volatile and value our shares with a clear reduction. So we want to separate ourselves from metals trade activities," MG chief Kajo Neukirchen said at a news conference.