Timken To Split In Win For Activists

Law360, New York (September 6, 2013, 2:54 PM EDT) -- The Timken Co., a 114-year-old industrial manufacturer, said Friday it would separate its steel and bearings units, handing a big win to activist investors who lobbied for the split with the backing of a California pension fund.

The move comes after shareholders approved the idea at a nonbinding vote in May, an effort led by hedge fund Relational Investors LLC and the California State Teachers Retirement System. Timken had said it would consider the proposal.

Under the terms of the split, which is expected to be...
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