53% of voting shareholders supported CalSTRS and Relational Investors' proposal to spinoff...

|By:, SA News Editor

53% of voting shareholders supported CalSTRS and Relational Investors' proposal to spinoff Timken's (TKR +2.8%) steel business, an idea the company has repeatedly criticized for undervaluing synergies and being generally "misguided" (I, II, III). The proposal received the support of proxy advisory firm Glass Lewis & Co. last month and many believe the combined market cap of the two separate firms (bearings and steel) would be greater than that of the conglomerate. The proposal is non-binding and TKR says it will "evaluate" shareholders' views and "take steps" within 45 days. All 12 board members were re-elected.