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Timken Co. (TKR) should spin off its steel business to maximize shareholder value, activist fund...

Timken Co. (TKR) should spin off its steel business to maximize shareholder value, activist fund Relational Investors and the Calpers pension fund state in an SEC filing that discloses a combined 6.15% stake in the maker of mechanical components and specialty steels. TKR says a split of the businesses would not be in the best interests of shareholders. Shares -0.9% AH after surging 11.6% in regular trading.
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