Relational confirms 8.52% active stake in Manitowoc, urges food spinoff

• Relational Investors confirms via a 13D filing that it owns an 8.52% active stake in Manitowoc (NYSE:MTW), and urges a spinoff of the company's food business (earlier).
• Relational says the market significantly undervalues MTW due to its combination of the two businesses, and that a spinoff of the food business from the crane business would maximize shareholder value; it says it met with MTW management in January to outline its suggestions, but the Board has declined a request for a meeting.
• MTW +11.8% AH.