FRANKFURT Mon May 12, 2014 3:14am

Germany's Siemens (SIEGn.DE) said on Monday it is starting a share buyback program of up to four billion euros ($5.5 billion).

The share buyback was announced in November last year, but was put on hold as theengineering giant drew up a restructuring program to catch up with more profitable competitors.

Until 31 October 2015, Siemens will repurchase up to 47.8 million shares, the company said.

"The buyback serves the sole purpose of cancelling and reducing the capital stock, issuing shares to employees, board members of affiliated companies, and members of the Managing Board of Siemens AG as well as servicing convertible bonds and warrant bonds," the group said in a statement.

($1 = 0.7269 Euros)