Timken Slams Investors' Proposal To Sever Businesses

Law360, Los Angeles (April 1, 2013, 8:43 PM EDT) -- The Timken Co. filed an updated investor presentation with the U.S. Securities and Exchange Commission on Monday challenging a shareholder proposal from the California State Teachers' Retirement System and Relational Investors LLC calling for a separation of its steel and bearings businesses.

The Ohio manufacturer contends that the synergies between its steel and bearings businesses make it more competitive and that a pitch by CalSTRS and asset management firm Relational Investors to sever them would harm shareholders.

Timken pointed out in proxy materials it filed with...
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