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Titanium Metals Investors File Suit Over $2.9 Billion Buyout

Titanium Metals Corp.’s $2.9 billion acquisition by Precision Castparts Corp. was engineered by billionaire Harold Simmons, Titanium Metals’ controlling shareholder, to get around an earlier settlement of claims about Simmons’s company-related dealings, a pension fund said in a lawsuit.

Simmons and other Titanium Metals executives didn’t solicit other bids for the maker of titanium used in the aerospace industry and set up the buyout by Precision Castparts, maker of jet-engine parts, to “avoid certain obligations that members of the company’s board are obligated to undertake pursuant to the settlement,” lawyers for the Sunshine Wire & Cable Defined Pension Benefit Plan said in a Delaware Chancery Court suit.