Timken against steel unit spinoff talk
Dec 03, 2012 | 06:03 PM
| Corinna Petry
CHICAGO Splitting Timken Co.s bearings and steel businesses wouldnt be in the best interests of the companys shareholders, its management said in response to a proposed spinoff of the companys 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 groupwhich together own 6.15 percent of Canton, Ohio-based Timkens sharesand management were held in August, with the shareholders filing their formal proposal to spin off the steel business Nov. 28.....
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