Timken against steel unit spinoff talk
Dec 03, 2012 | 06:03 PM
| Corinna Petry
Tags
Timken,
steel business,
bearings business,
spinoff proposal,
California State Teachers' Retirement System,
Relational Investors,
James Griffith,
Corinna Petry
CHICAGO — Splitting Timken Co.’s bearings and steel businesses wouldn’t be in the best interests of the company’s shareholders, its management said in response to a proposed spinoff of the company’s steel division.
The California State Teachers’ Retirement System, along with asset management firm Relational Investors LLC and its principals, proposed the spinoff last week, according to a Schedule 13D filing with the U.S. Securities and Exchange Commission (SEC).
Discussions between the retirement system, the Relational Investors group—which together own 6.15 percent of Canton, Ohio-based Timken’s shares—and management were held in August, with the shareholders filing their formal proposal to spin off the steel business Nov. 28.....
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