The German diversified manufacturer said it will buy U.K.-based Invensys' rail business for $2.8 bil as part of an overhaul to focus on core expertise to compete with rivals like General Electric (GE). The deal will give Siemens (SI) access to customers in Britain, Spain, the U.S. and Australia. Separately, Siemens announced plans to sell 80.5% of its Osram light bulb business, in a spinoff to shareholders. Siemens shareholders will get one Osram share for every 10 Siemens shares they hold. Siemens shares last traded at 103.02, up $1.62, an increase of 1.6%.