{
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  "docSlug": "e32b71332b7f",
  "documentTitle": "The Timken Company (TKR)",
  "authorId": "17_Relational_Investors",
  "authorName": "CalSTRS",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-03-01 00:00:00",
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  "pageNumber": 18,
  "pageCount": 42,
  "prevPage": 17,
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  "notes": null,
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  "components": [
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      "kind": "callout",
      "text": "Investors are concerned that this structure inherently carries the risk of poor capital allocation decisions as one business subsidizes the other",
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      "kind": "list",
      "text": "Diversification is causing the discount as investors cannot properly risk the earnings volatility of the combined structure\nPro-forma businesses as independent entities are over capitalized with strong balance sheets\nInvestors are concerned that this structure inherently carries the risk of poor capital allocation decisions as one business subsidizes the other\nInvestors can diversify on their own, including choosing optimal exposure to bearings and to steel businesses",
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      "text": "Relational and CalSTRS' Response",
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      "kind": "title",
      "text": "Timken: Wrong on Diversification Enabling Company to Better Allocate Capital",
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      "evidence": "The presentation agitates the problem by highlighting the volatility and valuation discount created by the combined structure.",
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      "name": "Cost Of Inaction",
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      "evidence": "The presentation preempts rebuttals to Timken's arguments against separation.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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